The countries of the Organization of Petroleum Exporting Countries (OPEC) and partners have agreed to reduce oil production. Production will be reduced by 1.2 million barrels a day from January for six months.
OPEC + (OPEC and its non-member allies) took an important commitment to reduce oil production, Russian Energy Minister Alexander Nóvak said. He indicated that the measure is a good signal for the market and should ensure the stabilization of the situation in the sector.
According to Nóvak, Russia will reduce its oil production by 228,000 barrels per day from the October 2018 level of 11.4 million barrels per day.
For its part, the United Arab Emirates Oil Minister Suhail al Mazroui has announced that Iran, Venezuela and Libya have obtained an exemption from the agreement, so they will not reduce their extraction oil.
The summit of Opec and its collaborators began Thursday in Vienna (Austria) amid tensions caused by the fall in oil prices of over 30% in the last three months.