Russia & OPEC poised to cut oil production

OPEC’s worst nightmare? Iraq could be next to abandon oil cartel
Russia & OPEC poised to cut oil production
06 December 14:30 2018 Print This Article

The Organization of the Petroleum Exporting Countries (OPEC) and major oil producers lead by Russia are expected to agree on Thursday on price-boosting output cuts.

The 15-member organization of oil producing countries is meeting in Vienna and will then hold talks with allied non-OPEC partners on Friday.

“All of us, including Russia, agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee meeting.

OPEC’s worst nightmare? Iraq could be next to abandon oil cartel

He added that exact volumes were still being discussed. The cuts would take September or October 2018 as baseline figures and last from January to June.

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