Date: 6 months ago   Category: Energy

Learned Bloomberg about reaching consensus in OPEC on production reduction level — Rambler News Service


Photo: globallookpress.com of OPEC is ready to reduce oil production by 0.9-1 million barrels a day within the agreement with the countries which are not entering into cartel on reduction of level of oil production (the transaction of OPEC), reports the Bloomberg agency with reference to one of delegates of the countries of OPEC. As notes the agency, the OPEC will offer this option of Russia and expects reduction from other participants of the transaction. "The OPEC can make Russia the proposal: the organization will reduce own production by 900 thousand or 1 million barrels a day and expects further reduction from the countries which are not entering into OPEC" — the interlocutor of the agency noted. On December 5-7 in Vienna there take place negotiations of the countries of OPEC and the states which are not entering into cartel participating in the agreement on reduction of level of production of oil. The day before the minister of oil of Oman Mohammed bin Hamad al-Rumkhi reported that the ministerial monitoring committee of OPEC will recommend to reduce oil production. At the same time it did not specify about what volume of reduction it there is a speech. According to al-Rumkhi, as basic level within reduction of production the level of September or October, 2018 can be chosen. At the same time it is about reduction of production for six months, since January, 2019. At the end of November, 2016 in Vienna there took place the summit of OPEC where member countries of cartel reached the agreement on reduction of oil production on 1.2 million barrels a day, up to 32.5 million barrels, and defined quotas for organization member countries. On December 10 in Vienna there took place the meeting of the producers of oil which are not entering into OPEC. Independent producers signed the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017. On May 24-25, 2017 meetings of the countries of OPEC and independent producers of oil where the parties agreed took place to prolong the agreement for nine months, until the end of the I quarter 2018, on the current conditions. On November 30, 2017 the agreement was prolonged until the end of 2018. On June 23, 2018 the OPEC countries at a meeting in Vienna made the decision to increase production since July 1, 2018 approximately by 1 million barrels a day — before 100 percent observance of terms of transaction.

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