‘Historic’ deal to cut oil production shows ‘OPEC is on its last legs’ – oil OPEC - Arhive
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A recent deal to cut oil production agreed on by non-OPEC countries shows that OPEC does not play the same role it used to, and the views of Russia and other countries have to be taken into account, according to Ben Aris, editor and publisher of BNE.
A landmark deal was reached in Vienna on Saturday between OPEC and non-OPEC nations to drastically cut global oil production, the first such agreement in 15 years. It should help stabilize prices, which have slumped in recent years and wreaked havoc on oil-reliant economies Worldwide
The group of non-OPEC oil countries will cut production by almost 560,000 barrels per day. Russia, as expected, will shoulder more than half of the burden, while Mexico will make the second-largest cut – 100,000 barrels. Oman’s reduction is reported to be the third largest. Last week, OPEC agreed to reduce output by 1.2 million barrels per day starting in January.