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OPEC will discuss reducing oil production for all countries except for Libya and Nigeria



During the negotiations the representatives of Iran, Iraq and Indonesia had expressed reservations concerning the level of participation in the deal.



23.Nov.16 10:15 PM
By Anna Tuzova
Photo Toinnov.com

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OPEC will discuss reducing oil production for all countries except for Libya and Nigeria
As reports Reuters citing an unnamed sources, OPEC will discuss an oil output cut of 4.0 – 4.5 percent for all member countries except Libya and Nigeria in meeting to be held in Vienna next week. This step would reduce oil production by more than 1,2 million bpd, as the source points out.

During the negotiations the representatives of Iran, Iraq and Indonesia had expressed reservations concerning the level of participation in the deal.

According to the sources, the outcome of the negotiations will depend on Iran and Iraq position, which demand certain conditions. As the Foreign Minister of Iraq said earlier, OPEC should allow the country to continue oil production without restriction. Sources say that Iran was asked to reduce 4,5 percent of daily oil production to 3,79 million bpd. But the figure is 90 bpd higher than according to OPEC assessment of the country’s oil production in October. It is not clear yet as to which level Iran was asked to cut an oil output.

Russia, not being an OPEC member, wasn’t agreeing to cut an oil production but opting for a freeze. Regardless, as sources add, Saudi Arabia and other Gulf countries expressed their readiness to reduce the production on 1million bpd.



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