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Bloomberg: Non-OPEC states agree to cut oil production by more than 600,000 barrels

December 10, 2016, 16:22 UTC+3 VIENNA

Ministers from countries members of OPEC and the countries outside of the cartel meet in Vienna to discuss stabilization of the oil market

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©  EPA/LARRY W. SMITH

VIENNA, December 10. /TASS/. OPEC and non-OPEC countries agree to cut oil production by more than 600,000 barrels per day, Bloomberg reported, citing a source in one of the delegations.

A delegate from one of the countries outside of the organization told TASS that ministers of OPEC and non-OPEC countries finalize results of the meeting, having reached agreement.

"In fact, the agreement is already reached, the participants are currently finalizing results of the meeting," the source said, noting "everything went smoothly."

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.

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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