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Only five non-OPEC producers will widen output cut

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Only five of 14 non-OPEC oil producers have agreed so far to meet the group on Saturday for talks aimed at widening a deal to reduce output, casting doubt on whether OPEC will secure the full cuts it is seeking, two OPEC sources said.

Axar.az informs, Russia has said it will cut 300,000 bpd, meaning other non-OPECproducers combined will need to pledge the same amount to lower output by the 600,000 bpd OPEC wants – half the reduction OPEC is making.

Some OPEC sources familiar with discussions were reasonably sure the outside producers would deliver enough commitments. “I think they will,” said one. “It should not be that difficult.”

Other OPEC sources were sceptical a pledge for the full amount would be made this time. Among the 14 non-OPEC countries invited to attend Saturday’s meeting, only Azerbaijan, Kazakhstan, Oman, Mexico and Russia have accepted.

Date
2016.12.08 / 20:59
Author
Axar.az
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