OPEC decided to reduce oil production

During 71st meeting of the Organization of Petroleum Exporting Countries (OPEC), which took place on 30 November in Vienna, Austria, the main oil producing countries decided and agreed by a reduction in oil extraction in order to reduce supply and push up the prices of the commodity.

The extraction should be reduced by about 1.2 million barrels per day, which requires global daily production to no more than 32.5 million barrels. The new pact had been approved in September, when it was also complied with by the group called the Agreement of Algiers, which stipulates reduction in production and ceiling between 32.5 million and 33 million barrels extracted per day (bpd).

According to Mohammed Bin Saleh Al-Sada, chairman of the conference and the Minister of Energy and Qatar Industry, Algiers Agreement was able to maintain "the deterioration of prices," however, on November 14, the values ​​returned to download . It was also created a working group that will analyze and recommend the appropriate level of production by countries that are part of OPEC. It is that this study will also be discussed with producing countries that are not part of the group.


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