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Non-OPEC countries agree to cut oil production by 558,000 barrels per day

Submitted by: Odio @ 03:13 PM | Saturday, December 10, 2016 | (url: https://www.rt.co...)

Non-OPEC countries agreed to cut oil production by 558,000 barrels per day (b/d) during a meeting with members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.


Among the non-OPEC participants at the meeting were 12 oil exporting countries Azerbaijan, Oman, Mexico, Sudan, South Sudan, Bahrain, Malaysia, Equatorial Guinea, Bolivia, Kazakhstan and Russia.

The 558,000 b/d figure was voiced by Qatar's energy minister at a press conference following the six hour long talks.

OPEC members also confirmed their commitment to the plan to reduce the oil supply by 1.2 million b/d. This, together with the commitments made by non-OPEC states, would lead to the total reduction of oil production by about 1.7-1.8 million b/d, Russian Energy Minister Aleksandr Novak said at the press conference.

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih told the press conference that 2017 would be a good year for the global oil market.

The parties to the negotiations also agreed to form a special group to monitor the observance of the agreement both by the OPEC and non-OPEC countries. The group would consist of three OPEC members and two non-OPEC countries, Novak said.

"This agreement cements and prepares us for long-term cooperation," Saudi Energy Minister Khalid al-Falih told reporters after the meeting, calling the deal "historic".

"Today's deal will speed up the oil market stabilisation, reduce volatility, attract new investments," Novak said.

The deal became the first such agreement between OPEC and non-OPEC countries since 2001. In April, OPEC and Russia tried to reach a deal on oil production which was cut during negotiations in Doha, but failed to come to an agreement, as Saudi Arabia sunk the deal at the last moment.

OPEC made a decision to cut its own output on November 30.


Category: Technology | 38 Comments
Tags: oil

12-11-16 - 02:16 AM
But but but... Russia helped Trump win.... even though Trump is going to kick the oil/energy sector into high gear, which will ultimately fuck Russia over on the world market......
12-11-16 - 07:35 AM
Originally posted by Goshin  
1.89 for the last 18 months here
thanks obama

hasnt been this low since clinton
Gas was under a dollar that far back, retard.

But, Dems and neo-cons banded together for Zionist interests and decided to fight more endless wars for them.
12-11-16 - 07:45 AM
Originally posted by Odio  
Non-OPEC countries agree to cut oil production by 558,000 barrels per day

Front Page Article
Probably a stupid question, but how is this not price fixing (illegal)?

This would be illegal in the US if two companies worked together to charge higher prices.
12-11-16 - 09:56 AM
valdunce doesnt understand what "this low" means.
yea it was under a dollar during clinton
but but but BUSH had it up to like 4.50 the fucking twat
so yea
it hasnt been THIS LOW, since 2000.
get it fuck face
12-11-16 - 10:11 AM
Originally posted by Goshin  
valdunce doesnt understand what "this low" means.
yea it was under a dollar during clinton
but but but BUSH had it up to like 4.50 the fucking twat
so yea
it hasnt been THIS LOW, since 2000.
get it fuck face
Yea, it went up under Bush, with a Democrat-controlled Congress.

"This low" implies that it was ~$2 back then, which it wasn't. What you meant to say is that this is the lowest it's been since Bush under a Democrat-controlled Congress, because it was during Bush's first term that it was $2.

God damn, I never thought I'd have to also give English lessons to a liberal arts major. Are you guys good at anything besides intellectual dishonesty?
12-11-16 - 10:19 AM
fracking seems bad...but it also seems like it would be better to keep that around for when the world oil supplies start running low
12-11-16 - 10:27 AM
i dunno valdez
you tell me
12-11-16 - 11:18 AM
Well, besides that, I guess, honestly, you guys are really good at pretending to care about other people. It's strikingly similar to religious fanatics, although they actually give money and help people out personally.
12-11-16 - 11:34 AM
Originally posted by Got Haggis?  
fracking seems bad...but it also seems like it would be better to keep that around for when the world oil supplies start running low


Wastewater injection due to fracking causes Earthquakes. I don't think the fracking itself does though. Never experienced an Earthquake here until 2011. Experienced 3 more since then, all due to wastewater injection of fracking.
12-11-16 - 12:28 PM
Energy independence would free us to develop better sustainable energy
12-11-16 - 02:02 PM
Price fixing is only illegal in civilized countries...
12-11-16 - 03:37 PM
Miles from Standing Rock, Pipeline Rupture Spills Unknown Amount of Oil in North Dakota Waterway

The The Keystone XL Pipeline is going to be good times, until it breaks too.
12-11-16 - 04:47 PM
Fracking is stupid. It complete shits up the land and the water so a handful of retards can profit from national resources
12-11-16 - 05:52 PM
nah dude pipelines never have problems ever
danger doggie is a liberal scum fuck spreading fake leftist news
12-12-16 - 04:39 PM
A six-inch pipe was leaking 20 miles away from a creek so they built damns and installed preventative measures just in case.

:rofl: [U]Alert the fucking presses![/U] We should immediately cease all oil production in the world!

p.s. No one thinks pipelines are never involved in accidents, moron. They are, however, the safest form of transporting chemicals.
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