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OPEC to Meet Non-OPEC Producers on Dec. 10 in Vienna - ASHARQ AL-AWSAT English Archive
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OPEC will meet non-OPEC countries to finalize a global oil limiting pact on Dec. 10 in Vienna, two sources told Reuters on Saturday.

Two OPEC sources earlier said the meeting was due to take place in the Russian capital Moscow, but later said that plan had changed.

OPEC agreed this week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.

It hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.

Deputy Energy Minister Kirill Molodtsov said on Friday that Russia plans to use its November oil production, which was its highest in almost 30 years, as its baseline when it cuts output under this week’s deal with OPEC.

Its daily oil production rose to an average of 11.21 million bpd in November, Russia’s highest since the Soviet era, energy ministry data showed on Friday.

That was 500,000 bpd higher than in August, the month before Russia and OPEC reached a preliminary agreement in Algiers to cap production.

Asharq Al-Awsat English

Asharq Al-Awsat English

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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