OPEC pushing Russia even stronger

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Khaled al-Faletto: Ronald Zak / AP

Russia will cut production of oil by 200 thousand barrels per day, and 230 thousand. About it reports Reuters, citing a source in the Organization of countries-exporters of oil (OPEC).

The Agency source in Russian energy Ministry says that Russia will reduce oil production on the same 200 thousand barrels mentioned earlier. At the same time the oil Minister of Saudi Arabia Khalid al-Faleh told the news Agency that the Russian Minister of energy Alexander Novak has demonstrated the ability to find a solution “in the most difficult situation.” What did Novak, the Saudi Minister said.

Probably al-Faleh was referring to the fact that the Russian Minister contributed to the resolution of conflicts between Saudi Arabia and Iran. Tehran flatly refused to cut oil production in terms of U.S. sanctions, the authorities of the Islamic Republic refused to go even on the symbolic reduction of production. The sources pointed out that Novak himself had held bilateral negotiations with representatives of Riyadh and Tehran, which helped to move the negotiations forward.

The summit of OPEC, together with partner countries outside the cartel for three days led complex negotiations on the reduction of oil production. For a long time, Russia refused to compromise and reduce oil production more than on 150 thousand barrels a day later, however, Moscow changed its position. In total, according to the agreement, the parties to the transaction will be removed from the market at 1.2 million barrels per day, 800 thousand barrels falls on OPEC, and 400 — to countries outside of the organization.

Video, photo All from Russia.

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