Vienna. Eleven oil-producing countries that are not members of the OPEC agreed on Saturday to reduce its production in 558 thousand barrels per day, which are joined to the covenant of the members of the cartel to boost prices, announced the organization.
“I’m happy to announce that we have reached a historic agreement,” declared the president of the OPEC, the minister qatari Energy, Mohamed Saleh Al-Sada after a meeting in Vienna. Russia is part of that group and had already announced it would lower its bid on 300 thousand barrels a day.
Earlier, the Ministry of Petroleum of Nigeria had announced a cut of 612 thousand barrels. OPEC decided to cut production by 1.2 million last week and asked the non-member countries that contribute with a cut of 600 thousand barrels.
The announcement came in the context of a meeting of OPEC producers and other major producers in Vienna with the aim of achieving a rise in prices.
A dozen of countries that are not part of OPEC, led by Russia, and including Kazakhstan, Mexico and Oman, among others, sent today to the representatives of the austrian capital.
The minister of Energy Russian, Alexander Novak, had said his country will reduce its daily draw of 300 thousand barrels. “We have recognized our responsibility and we’ll stick to these numbers,” he said cited by Russian sources. The producing countries have been affected by the fall in revenue from the sale of crude oil, while the oil industry had to cut back on investments due to the low prices. Deflation and negative real interest rates in the industrialized countries they also were in part consequences of the low oil prices, added Mohammed al-Sada.
Since members of the OPEC decided to cut production last week, the price of a barrel of Brent was up nearly 15 percent to reach $ 55. However, experts do not expect the occurrence of further increases.
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