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OPEC has agreed to reduce the oil production

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OPEC has agreed to reduce the oil production

OPEC has agreed to reduce the oil production
September 29
09:00 2016

The agreement on the reduction of oil production was achieved by oil-producing countries, which are the OPEC members, at the informal meeting in Algeria. The Western media, referring to their sources in the OPEC, report that the meeting participants have decided to work out the details of the agreement and start to execute the agreements since November.

However, Algerian Oil Minister Noureddine Boutarfa noted that the meeting of the OPEC hadn’t finished yet. The minister told the reporters: “The talks are going on.”

According to Reuters, the OPEC agreed to limit the oil production at around 32.5 million barrels per day (b / d). The actual level of the raw materials production is 33.24 million b / d. Accordingly, the OPEC members will lower the  production level  approximately by  700 thousand b / d. It will be the first production decrease for eight years.

An agency source reported that the cartel of oil producers would agree on the production volume for each state member at the upcoming official meeting of the organization. which will take place in Vienna on 30 November. The OPEC members are going to urge the countries that produce raw materials outside the OPEC to come together in the issue on the agreed production level.

On Wednesday oil quotes and the US stock market have began to grow rapidly during the trading session. At the end of the bidding futures for the US WTI crude oil for November have been in the maximum since 8 September and amounted to $ 47.05 per barrel. The November futures for Brent crude oil have risen above $ 49 per barrel.

The Russian ruble and Canadian dollar are rising against the US dollar by 1% and 0.5%.

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