INTERNATIONAL OIL PRODUCERS TO SIGN AN AGREEMENT ON CUTS SOON
Last Updated: 2017-11-14
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MUSCAT, Oman, Nov 14 (NNN-ONA) - An agreement will be hammered out, among international oil producers this month, to extend the production decrease, Omani Minister of Oil and Gas, Mohammad Bin Hamad Al-Remhi said Monday.

Oman decreased its oil production by 45,000 barrels on a daily basis, following the Organisation of Petroleum Exporting Countries (OPEC) members' agreement, with independent producers, he added, in a statement.

This agreement is considered the first one since 2001, to limit the oil crude production and to cut supplies in the markets, by reducing the production ceiling by 562,000 barrels.

OPEC agreed with producers outside the organisation, including Russia, at the end of 2016, on reducing production by 1.8 million barrels on a daily basis, for six months, since last Jan, 2017, which contributed to the market's recovery.-- NNN-ONA