Sat. Feb 23rd, 2019

OPEC will cut oil production more than expected and shoot oil

La OPEP recortará la producción de petróleo más de lo previsto y dispara el crudo

The Organization of Petroleum Exporting Countries (OPEC) and its allies, with Russia at the head, they agreed this Friday in Vienna reduce its production of Petroleum at 1.2 million barrels per day (mbd) as of January 1 and for six months. Crude oil shot up 7% in the markets after the news, above $ 63 a barrel.

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Iranian Oil Minister Biyan Zanganeh confirmed the news when he left the meeting of twenty-four producers shortly after its start and was satisfied that his country has been exempted from the commitment to reduce its pumping.

Excluded countries

"From the first of January they will reduce production. There will be 800,000 OPEC and 400,000 of the Non-OPEC, in total will be 1.2 million barrels per day, "said Zanganeh. "I think it has been a good agreement. Iran is formally excluded from this decision. I think that Venezuela and Libya are also excluded, "he added.

Today's meeting was preceded by a six-hour session of the 175th OPEC ministerial conference, which finally postponed the adoption of a final decision today, as it made it subject to the adhesion of its non-member allies.

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