Baku, Azerbaijan, Dec. 10
Trend:
Azerbaijan’s Energy Ministry expects finalization of agreements on reduction of oil output between OPEC members and non-OPEC countries Dec. 10, RIA Novosti reported citing Azerbaijani Energy Minister Natig Aliyev.
Today, on Dec. 10, Vienna hosts OPEC’s meeting with non-OPEC countries. Earlier, OPEC reached an agreement on oil output reduction in order to stabilize prices.
“I think, yes,” said Aliyev answering the question that whether this meeting will be final.
The minister noted that he has positive expectations from this meeting.
“However, I think that we have to continue our efforts regardless of the outcome of this meeting,” added Aliyev.
OPEC agreed on Nov. 30 to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.
It hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.