OPEC Considers Cut in Oil Production

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(Last Updated On: 2016-10-29)

The Organisation of Petroleum Exporting Countries (OPEC) have met in Vienna, Austria, to deliberate on possibility of oil production seizure, which would be a response to challenge of global decline in the product’s purchasing and pricing.

According to media reports, OPEC representative members from Iran, had disclosed the country’s unwillingness to cut down its oil output, prior to the meeting, which was held on Friday.

However, other detailed discussions were to be clarified in preparation for decisive meeting of OPEC oil ministers at end of November.

The OPEC members also expressed hope that a suspension or huge reduction in oil production would assist in stabilizing continuous fall, which was being experienced in prices.

In the reports, the member countries had intended to reduce production to between 32.5 and 33 million barrels per day, in September, but implementation of such decision, required final approval from oil ministers, while according to figures released by OPEC, it member countries produced 33.39 million barrels in September.

On Saturday, important non-OPEC oil-producing countries like Russia would reportedly, join list of countries to continue the deliberations.

Russia had allegedly discussed a freeze on oil production for months, as President Vladimir Putin had confirmed that the country would agree to the proposal if the OPEC countries could reach a unanimous agreement on the matter.

Report revealed fall in oil prices had not spared Russia, as it had escalated the country’s economic crisis, same way it had, with other countries such as: Nigeria and Iraq.

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