Baku, Azerbaijan, Feb.7
By Leman Zeynalova – Trend:
The agreements reached by OPEC and non-OPEC countries on oil production have positively affected the world oil market.
The remarks were made during the meeting of Russia’s Energy Minister Alexander Novak with Venezuelan Oil Minister Nelson Martinez and the country’s Foreign Minister Delsey Rodriguez, according to the message from Russian Energy Ministry.
During the meeting, the parties discussed the process of implementation of the oil output agreement and production cuts, said the message.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
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