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Natig Aliyev: "Non-OPEC states agree to reduce oil production by 558,000 barrels per day"

10 December 2016 19:32 (UTC +04:00)

Non-OPEC states agree to cut oil production by 558,000 barrels per day, - Azerbaijan’s Energy Minister Natig Aliyev said, commenting on the results of the meeting of OPEC and Non-OPEC states in Vienna, APA reports.

According to N. Aliyev, the meeting was positive; it’s agreed a declaration on cooperation between OPEC member countries and countries outside the cartel. According to him, the country's OPEC meeting reaffirmed the commitment of the obligation to keep the total daily production volume at the level of 32.5 million barrels.

"The meeting was attended by representatives of 11 countries. These countries agreed to reduce oil production by 558 thousand barrels per day from January 1, 2017. Under the agreement, Azerbaijan will reduce daily production volume of 35 thousand barrels. For Russia, this figure is set at 300 thousand barrels" - the minister said.

Natig Aliyev added that to control the execution of the agreement adopted by the planned creation of the Monitoring Committee under the leadership of Russia and Kuwait, "OPEC member countries and countries outside the cartel agreed to meet regularly to ensure the continued oil market price stability. Not present at the meeting, other countries outside OPEC have also received an invitation to join the agreement”.