OPEC agrees to cut oil production with the start of the new year

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OPEC agrees to cut oil production with the start of the new year

Post  Admin on Fri Dec 02, 2016 5:21 am

Author: AHF
Editor: AHF
11/30/2016 19:52

Long-Presse / Baghdad

The Organization of Petroleum Exporting Countries "OPEC", on Wednesday, members of the Organization agreement to reduce oil production for the first time since 2008, indicating that the implementation of the agreement will begin with the month of January 2017 for a period of 6 months.

The organization explained that it would cut output by 1.2 million barrels per day, and that the agreement reached by the members of the Vienna meeting, in line with what has been reached during the talks held in Algeria in September.

She added that OPEC members will cut production without waiting for the decisions of the Petroleum Exporting Countries from outside the organization, pointing out that Iran will freeze production at 3.975 million barrels.

The Algeria, an OPEC member, has proposed setting a new ceiling of production at 32.5 million barrels a day, compared with 33.6 million barrels per day at present.

Hopes OPEC members through it to cut production, in order to improve the oil prices in the market. Oil prices have risen 5 percent, on Wednesday, with the start of the meeting.

For his part, said OPEC President, Mohammed bin Saleh Al Sada: "monitoring committee and ministerial include Kuwait, Venezuela and Algeria will work closely to monitor the implementation of states' compliance with the agreement."

He added gentlemen "agreement relation to 600 thousand barrels per day reduction for non-members of OPEC."

And Iran, the head of the organization, said: "I do not speculate in the countries' policies, particularly with regard to US policy toward Iran, but keep in mind the interests of producers and consumers."

He explained during the press conference that Indonesia did not withdraw from OPEC, but has frozen its membership, following decisions to cut production.



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