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Mexico ready to cut oil production by 150,000 barrels per day

December 10, 2016, 14:46 UTC+3 VIENNA
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VIENNA, December 10. /TASS/. Mexico is ready to cut oil production by 155,000 barrels per day, Venezuela’s Oil Minister Eulogio del Pino rold journalists.

"Yes, Mexico will reduce production by 150,000," he said, responding to a question.

Ministers from countries members of OPEC and the countries outside of the organization meet in Vienna to discuss stabilization of the oil market. The meeting is attended by 12 non-OPEC countries.

Following the OPEC meeting in Vienna on November 30 it was reported that the meeting with non-OPEC countries could be held on December 9-10. According to some media reports referring to sources, Doha, Vienna and Moscow were among options under consideration.

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries will reduce their daily average output by 1.164 mln barrels starting January 1, 2017.

Russian Energy Minister Alexander Novak told reporters earlier that he sees no risks of agreement’s failure and that Russia will abide by its commitments to reduce oil production by the 300,000 barrels per day.

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