ECONOMY


Russia Welcomes OPEC's Agreement on Oil Production Cuts, Alexander Novak

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Baku, December 1, AZERTAC

Russia welcomes the agreement reached at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Energy Minister Alexander Novak said Wednesday, according to the Sputnik.

Earlier Wednesday, OPEC conference president Mohammed Bin Saleh Sada said that the countries had agreed to reduce oil production by 1.2 million barrels a day to bring its ceiling to 32.5 million barrels daily effective from January 2017.

"We welcome OPEC reaching an agreement on oil production cuts in the first half of 2017 to the level of 32.5 million barrels per day, which is equivalent to a reduction by 1.2 million barrels per day," Novak told reporters. "Russia is ready to join the agreement stabilizing the situation on oil markets," he said, adding that Moscow expects the maximum possible number of non-OPEC states to join the cartel's agreement on oil production cuts.

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