opec-non-opec-meeting-in-vienna

Non-OPEC, OPEC states shake hands to improve market

Shana– The Non-OPEC states shook hands with OPEC members on Saturday to improve the oil market.

The OPEC members will shortly sit before more than 10 non-OPEC states to record an unprecedented meeting, thus pushing oil prices to the highest possible level.

Austrian capital, Vienna, is less than two weeks hosting the second biggest meeting of the world major oil producers so as to play its role in improvement of the oil market.

The 13 OPEC states agreed in their November 30 meeting in Vienna to cut their output by 1.2 million barrels per day and Saudi Arabia reduced its output by about 500,000 barrels per day, which was the highest possible portion in the production.

The OPEC accord will be in force as of January 1, 2017. It will be in effect for six months and based on it all the non-OPEC states, excluding Libya and Nigeria, will cut their production by 4.5 percent. Iran will be allowed to add 90,000 barrels per day to its production on the average in six months.

Kazakhstan, Guinea, Azerbaijan, Russia, Sudan, Malaysia, Oman, Sudan, Bolivia, Mexico, Bahrain and South Sudan are the countries present in the meeting with the 13 OPEC members.

Russian Energy Minister Alexander Novak had earlier voiced agreement on Russia’s cutting output by 300,000 barrels per day.

Based on the incoming reports, Mexico has also agreed to cut its output by 150,000 barrels. More talks on the issue will continue.

Saudi Minister of Energy, Industry and Mineral Resources, Khalid A. Al-Falih, has announced that is optimistic with the meeting of the OPEC-non-OPEC states, that will be held in Vienna on December 10.

The heads of representative delegations of the OPEC and non-OPEC states have started unofficial talks in a working breakfast in Vienna Intercontinental Hotel just an hour ago and reports indicated that in the working breakfast they will reach agreement by half.

 

The joint meeting of the OPEC and non-OPEC states will be held in the OPEC Secretariat.