According to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) said Wednesday that it would cut production by 1.2 million barrels a day from 33.6 million barrels and said it expects producers from outside the group, including Russia, to join with additional cuts totaling 600,000 barrels a day. On Thursday, 12/1, Azerbaijan said it was also willing to engage in talks on cuts while Indonesia suspended its membership.
Oil ministers from Saudi Arabia, Qatar, Venezuela and Russia agreed to keep production at January’s levels on Tuesday, but only as long as other major producers do the same. Iran said it would back any measures to stabilize the markets, but avoided committing to capping its own production. So unless Iran also commits, it could put the agreement on hold.
This deal could be the first joint OPEC and non-OPEC deal in 15 years aimed at tackling a growing glut and helping prices recover.
Russian oil companies are ready to compete with the Organization of the Petroleum Exporting Countries (OPEC) regardless of quotas and redistribution within the oil cartel, Russian Energy Minister Alexander Novak said during an interview with Russia’s Rossiya-24 TV news channel on Friday, TASS News Agency reports. Continue reading Russian Oil Companies Ready To Compete With OPEC, Energy Minister Says// La Russie prête à councourir l’OPEP selon son ministre d’Energie