Russian Minister approves OPEC oil reduction

In a meeting between oil producing countries (Opec) held Saturday, December 10, in Vienna, capital of Austria, the Energy Minister of Russia, Alexander Novak welcomed the agreement to cut crude oil production and thus promote the balance of supply and demand in the international market, as well as preventing the continuous fall in the price of oil.

The agreement, which is valid for a period of six months, proposes the reduction in production for crude oil barrels 58000 per day from next year. In November, the Organization of petroleum exporting countries had already agreed to cut 1.2 million barrels a day, totaling almost 2% of the world oil supply.

Faced with this situation, the prediction is that the oil price increase to 60 dollars per barrel, which for exporters is a satisfactory level.


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