OPEC Countries To Decide On Reduction In Oil Production

OPEC Countries To Decide On Reduction In Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) is waiting for Russia to announce the figure concerning the reduction in oil production to make an agreed decision on this issue, Reuters reports.

The member countries have decided to reduce oil production in the next six months till mid-2019. The expected figure ranges from 1 million to 1.3 million barrels a day. Saudi Arabia, the organization leader, insists on just this number.

For this purpose, Russia has to cut production volumes in the amount of 250,000 to 300,000 barrels a day. Moscow is not ready yet to accept this and insists on 150,000, referring to the cold weather in winter.

Meanwhile, the Brent crude futures fell by more than 2% on Thursday, December 6, as traders doubt that OPEC will be able to reduce production significantly.