OPEC Countries Want To Reduce Production

OPEC Countries Want To Reduce Production

OPEC Countries want to Reduce production, Russia still has to Agree. The OPEC countries reached a preliminary agreement on the lowering of oil production on Thursday.

 

The oil cartel is now awaiting Russia’s approval to decide the exact reduction in production, reports sources surrounding the OPEC meeting in Vienna.

Also expected that more will be known on Friday about oil production in 2019.

Then even allies who are not members of the oil cartel, such as Russia, will join.

The oil production will be overcome to push oil prices.

The OPEC countries propose to produce a million barrels per day less.

Russia and other countries would also cut production according to the preliminary agreement.

Oil Minister Khalid Al Falih of Saudi Arabia, the leading OPEC member,

 stated after the meeting to assume that an agreement reached on Friday.

“We hope to have more certainty tomorrow, and we must bring the non-OPEC countries with us,” Al Falih said.

It is still to know what extent Russia is prepared to cut production, according to the minister.

“If nobody wants to agree with the deal and wants to make equivalent participation,

 we’ll wait until they want to,” concludes the minister.

Oil prices fell sharply on Thursday. The cost of a barrel of American oil dropped by 3.2 percent,

 at around 6:30 PM to USD 51.03. Brent oil fell 3.4 percent to 59.40 dollars per barrel.

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