Baku, Azerbaijan, Dec.23
By Leman Zeynalova – Trend:
Russia hopes the oil prices to stabilize at around $55 per barrel in the second half of 2017, said the country’s President Vladimir Putin during the annual press conference Dec.23.
He pointed out that Russia will continue to cooperate with OPEC.
“We believe that this cooperation is beneficial both for OPEC and non-OPEC countries,” added Putin.
During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day during the meeting held Dec.10.
Eleven non-OPEC countries agreed to reduce the oil output: Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan.
Russia has expressed readiness to cut its oil output by 300,000 barrels per day.
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