OPEC" will meet with producers of non-members to cut oil production

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OPEC" will meet with producers of non-members to cut oil production

Post  Admin on Sat Dec 03, 2016 9:14 am

Vienna-Iraq Press -3 December: Two sources familiar with OPEC said on Saturday that the organization will meet with the countries of non - members in order to finalize an agreement to reduce the world oil production on the tenth of December / December in Vienna.

The two sources in OPEC have said earlier that he is scheduled to hold a meeting in the Russian capital Moscow, but said later that the plan changed.

The OPEC agreed last week to cut production about 1.2 million barrels a day, starting from January next, in an attempt to reduce the surplus of the global supply of oil and the strengthening of prices.

The organization hopes that the non - Member States which contribute about 600 thousand barrels per day in this cut. For its part, Russia said it will cut about 300 thousand barrels per day.

And OPEC is the Organization of Petroleum Exporting Countries oil comprises twelve countries, member states of this organization and owns 40% of the global output and 70% of the world's oil reserves.

The organization was founded in Baghdad in 1960 by Iraq, Saudi Arabia, Iran, Kuwait and Venezuela, and then all of the United Arab Emirates, Algeria, Libya, Qatar, Ecuador, Nigeria and Angola joined, while its headquarters is located in Vina.anthy (1)



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