OPEC has reduced oil production to a three-month low

The total production level of the Organization of countries — exporters of oil (OPEC) in August this year fell by 200 thousand Barr. a day to 33 million barrels. on the day, writes The Wall Street Journal, citing preliminary data, prepared for the report of OPEC, which will be published September 12. These figures are the lowest for the last three months, from may 2016.

The fall occurs primarily due to the decline in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar, notes the WSJ. According to a number of officials from OPEC, which refers to the publication, the new data suggest that countries are ready to cooperate in freezing the level of production. The corresponding agreement may be reached in September at the talks in Algeria.

However, said the source WSJ, the updated statistics show that the level of production in Iran stood at around 3.6 million barrels. day. Earlier, Tehran has refused to join the deal to freeze the level of oil production, saying it wants to increase production to a level of more than 4 million barrels. However, according to representatives of the OPEC, the new data confirm that it is Iran has already reached its maximum production level.

Energy forum, which will be representatives of countries producing and exporting oil will be held in late September in Algeria. Countries will try to agree on measures to stabilize the market, where prices over the past two years has fallen by more than two times.

The Minister of energy of Algeria, Nureddin Boutarfa after a meeting with the head of the Russian Ministry of energy Alexander Novak September 9, said that oil exporters will be able to negotiate a stabilization of the oil market if they consider that Iran, Nigeria and Libya have the right to continue to increase production.