Russia will reduce oil production

Russia will cut oil production by 300,000 barrels per day, reports RNS. This was stated at a conference following a meeting in Vienna of representatives of the Organization of the Petroleum Exporting Countries (OPEC), Qatar Energy Minister Muhammad Saleh al-Sada.

This is the first agreement to reduce oil production since 2008, notes Reuters . Oil production will be reduced by about 4.5% (1.2 million barrels per day). In general, from January 2017, OPEC will reduce production to 32.5 barrels per day.

Venezuelan Oil Minister Eulogio del Pino also said that Russia could join the ministerial committee to monitor the implementation of the OPEC agreement.

Russia's readiness to cut oil production Earlier, Iranian Oil Minister Bijan Zanganeh announced . Saudi Arabia will cut production by 486 thousand barrels per day.

After the agreement, the price of Brent crude at ICE trading in London rose by 8.6% to $51.4 per barrel.