Baku, Azerbaijan, May 16
By Leman Zeynalova – Trend:
Three or five new countries can join the OPEC oil output cut deal, said Russia’s Energy Minister Alexander Novak, adding that talks are underway with those countries.
“I wouldn’t like to name those states. If these countries agree and participate in the meeting to be held May 25, they will announce it,” RIA Novosti quoted Novak as saying May 16.
In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months.
OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1.
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