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Sunday, December 11, 2016
OPEC and non-OPEC producers reached a deal on December 10 to jointly reign in production in an effort to boost crude prices. This is the first time in 15 years that producers, including Russia, have reached a deal to cut production.
The last time a deal was reached to reduce flows Russia failed to adhere to its promises, but it is expected to keep its commitment this time.
Speaking to reporters, the cartel’s Secretary General, Mohammed Barkindo from Nigeria, said on his country’s exemption from the reduction in quotas, “This is a very historic meeting … This will boost the global economy and will help some OECD countries to reach their inflation targets.”
The meeting between OPEC and non-OPEC producers follows last week’s agreement by cartel members to cut production by 1.2 million bpd
Non-OPEC countries making commitments to reduce flows besides Russia were Azerbaijan, Bahrain, Bolivia, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan. While these countries will all contribute to reducing global output, Russia will bear the weight of most of the reduction in flows.
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