Organization of Petroleum Exporting Countries discussed on Wednesday with the main producers of crude oil are not members of the cartel, the details of the plan to limit production after on Monday President Vladimir Putin said that Russia supports the plan, the idea of supporting the world price of crude oil, says Reuters .
OPEC representatives and countries which are not members of the cartel, including Russia, Azerbaijan and possibly Mexico, will discuss details of the plan to limit oil production on Wednesday. Any agreement will initially be applied for six months and then will be reviewed, said OPEC Secretary General Mohammed Barkindo.
‘We are confident that other producers outside OPEC will sign the agreement because it is for everyone who produces oil and also benefits the consumers,” said Barkindo.
In September, the Organization of Petroleum Exporting Countries agreed for the first time in eight years, to reduce oil production by 700,000 barrels per day (BPD) to 32.5-33,000,000 barrels per day. OPEC estimates that its current production stands at 33.24 million bad. Since the middle of 2014, the price of a barrel of oil was halved due to overproduction.
‘I can say that many countries outside OPEC are ready to join … not to mention the support, but the contribution’ Saudi Arabia Energy Minister Khalid al-Falih told Reuters, at World Energy Congress, which took place these days in Istanbul.
On Tuesday, the stock market quotation ICE Futures Brent oil for delivery in December fell by $ 0.73, reaching $ 52.41 closing value. Stock Exchange New York Mercantile Exchange (Nymex), a barrel of oil quotation light sweet crude for delivery in November fell by $ 0.56, reaching $ 50.79 closing value