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Source claims OPEC and non-OPEC states finalizing results of meeting, agreement 'close'

December 10, 2016, 17:07 UTC+3 VIENNA

According to preliminary information, OPEC and non-OPEC countries have agreed to reduce production by more than 600,000 barrels per day

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© EPA/MOHAMED MESSARA

VIENNA, December 10. /TASS/. Ministers from countries outside of OPEC negotiate final parameters of the agreement on reduction of oil production, a delegate participating in the meeting told TASS.

"As for the agreement, it is almost ready. Ministers are finalizing positions in one-on-one talks," he said.

The ministerial meeting of OPEC and non-OPEC countries is held in Vienna. So far, the media give contradictory reports on volume of production cuts that are being discussed behind closed doors. The range of values according to different sources ranges from 550,000 to 635,000 barrels per day. According to the data published on the Twitter account of the Ministry of Petroleum of Nigeria, countries - oil producers outside of OPEC agreed to cut production by a total of 612,000 barrels per day.

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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