BUSINESS

Historical Agreement on Reduction of Petroleum Production reached

naftaMembers of the Organization of Petroleum Exporting Countries (OPEC) will reduce the production of petroleum by 1.25 million barrels per day to 32.5 million barrels a day as of January, while countries which are not members of this organization will reduce production by at least 558.000 barrels per day.
Members of OPEC and countries which are not OPEC members reached the historical agreement on reduction of production on Saturday, December 10, confirmed the President of OPEC Conference Mohamed Bin Saleh Sada.
Countries which are not members of OPEC met in Vienna on Saturday, after the decision was made by this organization to reduce production by 1.2 million barrels per day. Saudi Arabia, as the biggest petroleum exporter, accepted to reduce production by 486.000 barrels per day.
Countries including Russia, Oman, Mexico, Kazakhstan and Azerbaijan accepted to reduce production by around 600.000 barrels per day, in order to stabilize the petroleum market.
(Source: ekapija.com)

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