OPEC members, non-members sit for talks
Tehran, Iran, December 10
By Mehdi Sepahvand –- Trend:
The members of the Organization for Oil Exporting Countries (OPEC) and some other oil producers have sat down for talks in Vienna, Austria, SHANA news agency reported December 10.
In their 171st meeting which was held recently, OPEC members decided to cut down on their output by 1.2 mbpd starting January 1, 2017.
Also, it was agreed that OPEC non-members lower their output by 600,000 bpd.
Russia has announced it will cut down on crude output by 300,000 bpd. Mexico has also agreed on 150,000 bpd reduction.
Kazakhstan, Guinea, Azerbaijan, Russia, Sudan, Malaysia, Oman, Bolivia, Mexico, Bahrain, and South Sudan are present in today’s meeting with 13 OPEC members.
The members include Iran, Saudi Arabia, Libya, Kuwait, Iraq, the UAE, Gabon, Ecuador, Angola, Algeria, Qatar, Venezuela, and Nigeria.