OPEC, non-OPEC oil producers convene to set output cuts

OPEC member states in the 171st meeting decided to reduce oil production 1.2 million bpd from January 2017 to improve prices, elimination of the glut in the market and create market balance.

Non-OPEC member states agreed to reduce their oil production 600,000 bpd including Russia to cut oil production by 300,000 bpd and Mexico agreed to cut output by 150,000 bpd.

Representatives from Kazakhstan, Guinea, Azerbaijan Republic, Russia, Sudan, Malaysia, Oman, Bolivia, Mexico, Bahrain and South Sudan are represented in the meeting of the 13 OPEC member states.

Iran, Saudi Arabia, Libya, Kuwait, Iraq, The United Arab Emirates, Gabon, Ecuador, Angola, Algeria, Qatar, Venezuela, Nigeria are Members of Organization of Petroleum Exporter Countries (OPEC).

Saudi Arabian Minister of Energy Khalid al-Falih already announced that he is optimistic about outcome of the meeting in Vienna on December 10, 2016.

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