Countries-members of OPEC reached an agreement to limit oil production at the level of 32.5 million barrels, reports Reuters with reference to sources in the cartel. The agreement will enter into force in November this year.
As expected, after reaching this goal, the cartel will turn to other countries-exporters of oil with the offer to join the agreement, reports TASS.
At the moment, OPEC members can get to 33.24 million barrels of oil per day.
An informal meeting of OPEC was held in Algeria on Wednesday, September 28. Russia’s participation in the event was not accepted, because it is not part of the organization.
On 27 September the Secretary-General of the Organization of countries — exporters of oil Mohammed Barkindo said that all the world’s storage is full, their reserves exceed three billion barrels.
Earlier in the day, the Minister of energy of Venezuela, Eulochio del Pino warned about a possible fall in oil prices below $ 20 per barrel if the representatives of the oil producing countries will fail to agree on joint actions on the market.
OPEC is an international organization created by oil producing countries to stabilize oil prices. Often regarded as a cartel. It is composed of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Indonesia.
