Date: 6 days ago   Category: Economy

The OPEC discusses reduction of oil production from the level of September-October - RIA Novosti, 05.12.2018


VIENNA, 5 Dec — RIA Novosti. The OPEC discusses reduction of oil production from levels of September-October, 2018, the minister of oil of Oman Mokhkhamed al-Rumkhi told journalists. © RIA Novosti / Vitaly Timkiv hopes to Pass Kuwait into an image bank to achievement of the arrangement with Russia according to the transaction of OPEC according to him, the ministerial monitoring committee of OPEC following the results of a meeting on Wednesday recommended reduction of production by participants of the transaction, but so far without the concrete volume of decrease in 2019. On the specifying question whether there is an agreement on basic month of which production reduction will be counted, the minister answered: "September-October". On Thursday, December 6, the recommendation of ministerial monitoring committee it is necessary to discuss conferences of OPEC, and then, on December 7, to all countries of OPEC. The OPEC and a number of the countries (OPEC) which are not entering into the organization agreed at the end of 2016 in Vienna about reduction of oil production on 1.8 million barrels a day from the level of October, 2016. The contract started since the beginning of 2017 and was prolonged until the end of 2018. In June, 2018 the OPEC coordinated the purpose to avoid overfulfillment of terms of agreement which then made 47%. Meanwhile recently participants of the transaction spoke about risk of a surplus of raw materials in the market in 2019.

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