Oil-producing countries promise production cuts

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logoA flag with the Organization of the Petroleum Exporting Countries (OPEC) logo.Photo REUTERS/Heinz-Peter Bader

A dozen oil-producing countries have agreed to cut its oil production by 612,000 barrels per day. The aim is to support the OPEC cuts and to increase the oil prices, according to the Nigerian Oil Ministry.

This Saturday, OPEC, Russia and other oil-exporting countries agreed on the production cuts in Vienna. Earlier in November, members of OPEC already agreed to cut production by a total of 1.2 million barrels per day.

Russia accounts for the largest cuts by 300,000 barrels per day, followed by Mexico with 100,000 barrels and Kazakhstan with 50,000 barrels, according to a table published by Nigeria.

“We are pleased that the meetings have been successful”, says the Nigerian Ministry on Twitter. However, production cuts have so far not been confirmed by other sources. If the information is correct, it means that the cuts are slightly higher than the 600,000 barrels OPEC requested from non-members earlier this year.

Source: NTB scanpix / Norway Today