Tag Archives: International Organizations

The measure. which was spearheaded by Russia. will come into effect on January 1.

Oil prices jumped just over four percent as news of the deal broke.

OPEC resumes discussions in Vienna on Friday before heading into a meeting with non-OPEC oil producers led by Russia later in the day.

Alexander Novak will hold separate bilateral meetings with the oil ministers of Saudi Arabia and Iran.

OPEC tentatively agreed to an oil output cut on Thursday.

Last month. Iraq’s oil exports dropped to their lowest level in seven months due to bad weather at its southern ports.

Two of OPEC’s members. Libya and Nigeria. have asked to be exempt from the cuts like they were for the last round of cuts.

OPEC delegates have said the group and its allies could cut by 1 million bpd if Russia contributed 150.000 bpd of that reduction.

Net U.S. crude imports fell last week by 1.7 million barrels per day.

The Saudis are working hard on the cut. But if Russia says no cut. then OPEC won'.t cut.