Oil price: oil States want to work together to promote less Oil – TIME ONLINE

According to a report by the Reuters news Agency, the Non-reactors by Opec countries to their funding amount of a day to around 560,000 barrels. You would have agreed with the members of the organization of the petroleum exporting countries (Opec) in Vienna. Opec had already decided about two weeks ago, a reduction of 1.2 million barrels per day. It is the first agreement between the Opec and the other Oil-producing countries to cut production since 2001.

the crash in the price of Oil is likely to have led, which has halved since mid-2014, almost – due to an Oversupply at a time of slack demand due to the feeble global economy. The lower price has torn deep holes in the budgets of many producing countries.

Opec Secretary-General Mohammed Barkindo said this during the discussions with the members of the organization of a “historic Meeting.” It will help the world economy.

Opec does not have held in the past, all the countries on the agreed rates. Also Russia had not complied with 15 years ago, his promise to reduce the funding amount. Observers believe that Russia throttles this time, his production really. “Everyone is happy with higher prices and initially, they are keeping to the agreement,” said Gary Ross from the advice service from Pira Energy. If the price of Oil increases, but then more, is likely to decline the obligation. Ross assumes, however, that Russia is reducing, as promised, its production by 300,000 barrels.

at The Meeting in Vienna, many oil-producing countries are not invited to the cartel, including Russia, Azerbaijan, Kazakhstan, Oman, Mexico, Sudan, South Sudan, Bahrain and Malaysia.

the Opec countries at the end of November on a reduction of funding agreed had After that Oil has risen by around ten percent to over 50 dollars per Barrel. At the beginning of 2016, he was dropped to under 30 Dollar – from around $ 115 in mid-2014.

The Opec agreement, a move by Saudi Arabia. After long Hesitation, the largest oil-producing country had agreed to a reduction of own production. Moreover, Saudi Arabia was open, the arch-rival Iran. In both countries the struggle for political supremacy in the Gulf.