Date: 2 months ago   Category: Energy

Trump counts on refusal of OPEC of oil production reduction — Rambler News Service


Photo: globallookpress.com/Ralf Hirschberger the U.S. President Donald Trump on the Twitter hoped that the OPEC will not reduce oil production. "I hope that the OPEC will keep production at the current level, will not reduce it. The world does not want growing prices of oil" — Trump said. According to arrangements with OPEC, Russia had to reduce oil production by 300 thousand barrels a day to an indicator of October, 2016 when oil production made 11.247 million barrels a day (according to the Ministry of Energy of the Russian Federation). On April 28, 2017 the Ministry of Energy of the Russian Federation reported that Russia achieved the stated production reduction. 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. The Minister of Energy of the Russian Federation Alexander Novak explained that the share of Russia in the general increase in oil production of the countries of OPEC can make about 200 thousand barrels a day. Earlier Reuters reported that in the run-up to the meeting of member countries of the agreement of OPEC and the countries which are not entering cartel about reduction of level of oil production (the transaction of OPEC) in Vienna on December 6-7 in the Ministry of Energy of the Russian Federation the meeting with participation of representatives of the Russian oil companies took place. During the meeting the idea expressed that Russia will need to reduce (production in 2019. Later the minister of oil of Oman Mohammed bin Hamad al-Rumkhi said that participants of the agreement on reduction of oil production between OPEC and the countries (OPEC) which are not entering into cartel discuss reduction of production in 2019 from three to six months, reported to Bloomberg.

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