OPEC determined the volume of oil production reduction

Participants in the organization of oil exporters (OPEC) at a summit in Vienna on November 30 came to an agreement to reduce the level of hydrocarbons. It is reported by Bloomberg with reference to an unnamed delegate. According to the interlocutor of the agency, production will be reduced by 1.2 million barrels per day to 32.5 million barrels.

According to Reuters sources, Saudi Arabia agreed to reduce production to 10.06 million barrels per day (from 10.54 million in October). In addition, the cartel agreed to suspend Indonesia’s membership in OPEC in order to allow Iran to bring oil production to 3.797 million barrels per day.

Earlier on November 30, it was reported that the agreement would not affect Libya and Nigeria. At the same time, Algeria, Iraq and Venezuela expressed their readiness to reduce oil production. As for Iran, OPEC was considered acceptable to preserve the level of production at the dosanctional level.

OPEC also stated that Russia should also reduce oil production, and not freeze it at the current record level. At the same time, the Minister of Oil Iran Bijan Zangan noted how Bloomberg transmitted that Moscow is still ready to decrease the booty.

In turn, the Ministry of Energy of the Russian Federation decided to wait for the final decision of the cartel before indicating their position on the stabilization of the oil market.

Even before the decision of the OPEC, world oil prices rose sharply: for example, Brent quotes first rose by more than 5% and exceeded $ 50 per barrel, and then increased by almost 8%, above $ 51 per barrel. Against the background of the rise in oil prices, the Russian currency was strengthened: the US dollar on the Moscow Exchange in the middle of the session fell below 64 rubles, and the euro cheaper up to 68.1 rubles.

The last few months both Russia and OPEC have extracted record volumes of oil. In October, for example, production in the Russian Federation updated the post -Soviet record and reached 11.2 million barrels per day, and OPEC production grew to a record 33.83 million barrels per day.