Russia’s energy ministry said Tuesday that OPEC and non-OPEC members would meet in Vienna Saturday following a decision to cut global oil output.
The ministry told AFP that Russian Energy Minister Alexander Novak would be taking part in the meeting, which comes after Moscow said it was ready to reduce crude output by 300,000 barrels a day in the first half of 2017.
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
The agreement ended weeks of uncertainty and volatility on crude markets as the key players bickered over who would shoulder the biggest burden of the cuts.
Oil prices shot up on the announcement, which was more muscular than many analysts had expected.
Novak has called on Russia’s oil companies to slash output to comply with the decision.
By cutting 300,000 barrels a day, Russian will produce some 10.9 million barrels a day — a figure higher than when Russia had attempted to agree on a production freeze with OPEC members in the spring.
The slide in oil prices and Western sanctions over Moscow’s role in the Ukraine crisis have pummeled the Russian economy.
Source: AFP
