Russia went against OPEC

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Photo: Eric Gaillard / Reuters

Russia went against the majority of the OPEC countries, with which the representatives of Moscow are in talks about the next reduction of volumes of oil production. About it reports Reuters with reference to sources in OPEC and the Russian delegation.

On the eve of the summit Russia stands his ground and does not intend to cut production to 250-300 thousand barrels per day, as required by the representatives of OPEC. The Russian side insists that more than 140 thousand barrels per day, the extraction will not reduce.

The essence of the latter idea within OPEC was to ensure that each member of the cartel and the countries that joined the agreement, commit themselves to cut production by 3-3. 5 per cent from peak values in October 2018. In total, the cartel planned in such a way to remove 1.3 million barrels per day. These measures, according to OPEC, has contributed to the strengthening of oil prices.

However, sources insist that the debate is very nervous because of Moscow’s position. The Russian authorities stand your ground and do not make concessions, although it is from the Russian solution depends the fate of the whole transaction, say Agency sources. “Saudis are working on an agreement to reduce, but if Russia refuses to reduce we (OPEC) also will reduce”, — said one of the sources.

Earlier it was reported that Saudi Arabia and Russia have reached agreement on the reduction of oil production. However, the parties did not disclose terms of the deal. The next OPEC meeting will take place in Vienna on Thursday, December 6, it will be held amid Qatar’s cartel and US global leadership in terms of oil production.

Video, photo All from Russia.

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