Photo: Maxim Slutsky / TASS
Russia has decided to make concessions to the Organization of countries-exporters of oil (OPEC). Moscow agreed to reduce the increase production volumes under the agreement with the countries of the cartel. About it reports Reuters, citing a source in the Russian Ministry of energy.
Initially, the energy Minister insisted that in winter Russia can’t cut production more than on 150 thousand barrels a day technically. Now, Russia has expressed willingness to cut production by 200 thousand barrels, but it is still far from 300 thousand barrels, which insisted that the OPEC countries.
Moreover, the Minister of energy Alexander Novak earlier on Friday, 7 December, argued that OPEC has expressed Moscow’s position regarding the agreement on production cuts. And the only relief, which was originally Russia is ready to reduce by 150 thousand barrels a day production in the first three months, and continue to revise this assessment.
The OPEC summit has been held for the third day, the parties continue the difficult negotiations. Initially, OPEC planned to cut production a total of 1.3 million barrels per day, but the position of Moscow and Teheran has made adjustments to these plans, now hopes the cartel to cut production at least a million barrels a day.
Video, photo All from Russia.