"Russia has agreed to reduce oil production"

BOTH The Russian Ministry of Energy, the Organization of Petroleum Exporting Countries (OPEC) and other oil producing countries held a meeting with officials of the national oil producers before the meeting of the 6 and 7 December in Vienna, according to the source.

A source of information on negotiations between Russian oil companies and the ministry said: "The idea at the meeting was that Russia is reducing its production." The question is how long and how much it will take time. "

The same source said: "Most people agreed that we could not reduce them immediately, it should be a gradual process like last time."

The OPEC and OPEC member countries led by Russia have reduced their production in accordance with the agreement reached at the end of 2016 on the increase in oil prices.

Moscow has agreed to reduce its production by one-sixth of the total production limit of 300,000 barrels or 1.8 million barrels a day. Russian companies took a few months to reduce their production.

Now, to put an end to the drop in oil prices, Riyadh has suggested to OPEC and other countries to cut their production by one million barrels a day as of January 2019 .

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The decline in oil prices has increased in recent weeks. Brent crude futures fell below $ 59 last week to $ 85 a barrel in October, amid worries over market surpluses.

The share of Russia resulting from the reduction of production to 166,000 barrels per day if the current rate of agreement is maintained.

"It is said that reducing production by six percent this time is a huge demand," the source said.

Fazla We must reduce it, but we do not want to reduce it too much, said Mak.

OPEC and the other producing countries will unite amidst a slowdown in the global economy and worries about the increase in oil production by the United States .