OPEC may eye oil production cut by 5%
The topic of discussion at the planned OPEC meeting in February with representatives of other oil-producing countries could be the question of oil production reducing for each producer country at the level of 5 percent, but a general agreement is needed for it, Alexander Novak, Russian Energy Minister said, RIA Novosti reported.
“In fact, when we at the previous meetings, consultations discussed this issue, it was not about Russia, but the whole of the countries that are engaged in oil production and export,” he said.
“Approximately these parameters were voiced – to cut the production for each country by 5 percent,” Novak told reporters responding to a question about whether Saudi Arabia offered Russia to cut production by 5 percent.
“In fact, there are a lot of questions to control the decline - from what base count and others. A general agreement is needed in order to begin working on these issues. So it is early to talk about it,” Novak said.
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