Wed, 11 Jan 2017 11:21:00 +0400
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As you probably know, OPEC held another summit in Vienna on Wednesday. As the result of the mentioned OPEC summit, they agreed to cap their oil production at 32,5 million barrels a day. Given the latest production figures coming from OPEC, they cartel is going to cut their total oil production by as much as 1.2 million barrels per day to avoid exceeding the 32,5-million-bpd threshold. At the same time, the cartel expects Russia and some other big oil producers to cut their oil production as well.