Non-OPEC countries agreed on production cuts at 558 thousand barrels

Non-OPEC countries agreed on production cuts at 558 thousand barrels


Moscow. 10 Dec. Countries that are not members of OPEC agreed to reduce oil production to 558 thousand barrels per day, announced the Minister of oil of Iraq Jabar Ali al-Laibi reporters.

“A consistent level of reduction – 558 thousand barrels per day,” he said, adding that the reduction should be calculated from Oct.

Earlier the Minister of oil of Iran Bijan Namdar Zanganeh said that following talks in Vienna among OPEC members and countries outside the cartel will cut oil production by approximately 600 thousand barrels per day. He argued that the reduction will start from January 2017.

According to Bloomberg, Mexico as part of the transaction of OPEC and outside the cartel will cut oil production at 100 thousand barrels per day and will take the second largest cuts, after Russia (300 million barrels). Oman will reduce oil production to 40 thousand barrels per day, Azerbaijan is 35 thousand barrels per day.

Bolivia will not participate in the transaction to reduce production, reported Bloomberg one of the delegates. According to the representatives of Nigeria, Bolivia offered the smallest share in the reduction of 4 thousand barrels per day.

As reported, the OPEC countries on 30 November agreed to cut oil production by 1.2 million barrels per day (up to 32.5 million barrels per day) from January 2017, provided that the countries outside OPEC countries will cut its production by 600 thousand barrels, of which 300 thousand barrels per day in Russia.

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