Russia to attend OPEC/non-OPEC meeting on output cuts
Russia says it will participate in a meeting of OPEC and non-OPEC members amid fluctuating oil prices over doubts about the outcome of a recent agreement to slash production.
According to a Tuesday announcement by the Kremlin, Russian Energy Minister Alexander Novak will take part in the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on December 10, when the oil cartel is expected to confirm the details of implementing the output deal reached last week.
Following months of disagreement, OPEC members finally forged a deal on November 30 to slash oil production for the first time in eight years.
Russia, which is not an OPEC member, has declared its willingness to reduce crude production by 300,000 barrels per day in the first half of 2017.
Novak has urged Russian oil companies to cut their output to comply with the OPEC decision.
Russia’s Deputy Energy Minister Kirill Molodtsov told Russian media that the country's oil companies would come together on Wednesday for a meeting regarding the output cut.
By slashing 300,000 barrels per day, Russia will produce nearly 10.9 million barrels per day, a figure higher than when Moscow had tried to agree on an output freeze with OPEC members last spring.
The latest OPEC deal ended weeks of uncertainty and volatility on crude markets as the major actors quarreled over who would shoulder the largest burden of the cuts.
Oil prices surged on the announcement, which appeared more ambitious than many analysts had anticipated.
Prices reached a 16-month high over OPEC's announcement of its meeting late Monday but they abruptly dipped overnight as the luster of the cartel’s decision to slash production diminished.
On Tuesday, US benchmark West Texas Intermediate was down 36 cents on the day at $51.43, while Brent North Sea crude had fallen 17 cents to $54.77.
Russia: New US aid for Ukraine will fail to change military situation
Tens of thousands displaced as floods engulf Kazakhstan, Russia
Russia: UN meeting on Iran retaliation ‘display of hypocrisy’
Iraqi resistance forces hit Israeli Ovda air base
Hackers break into Israeli military’s computers, access trove of documents
Tulkarm Brigade commander killed by Israeli forces in raid on refugee camp
Zionist media desperately trying to turn Israeli defeat into victory: Iran
VIDEO | Press TV's news headlines
Iran censures US veto of Palestinian request for full UN membership
Over 14,000 kids killed in Israel’s war on Gaza: UNICEF
VIDEO | Iran’s National Army Day marked at the Iranian embassy in Moscow
This makes it easy to access the Press TV website
