Russia agrees to minor oil production cuts

RUSSIA / FSU POLITICS - In Brief 07 Dec 2019 by Alex Teddy
On December 6 Russia agreed to reduce oil production in conjunction with OPEC . A meeting took place at Vienna. The 24 OPEC members produce 50% of the world's oil. Russia is not part of OPEC + and generally goes along with OPEC decisions. OPEC decided on a production reduction. The aim is to raise prices by cutting supply. The oil producing countries shall lower production by half a million barrels per day BPD in Q1 of 2020. This compounds the 1.2 the million BPD cut earlier in 2019. Saudi Arabia has volunteered to cut production by an extra 400 000 BPD. It will produce 2.1 million fewer BPD than its October 2018 figure.

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