Piping News

Eleven oil-producing countries, who are not members of the Opec oil cartel, have agreed to cut their output to boost prices.

The group of states, which includes Russia, said on Saturday that they will cut supplies by 558,000 barrels per day.

Opec announced last month that it would be slashing its own production to ease an oversaturated global market.

 

It is the first time in 15 years that a global pact has been struck.

 

 

"I am happy to announce that a historic agreement has been reached," said Qatar's Energy Minister, Mohammed Bin Saleh Al-Sada, whose country holds Opec's rotating presidency.

The agreement was made at a meeting at Opec's Vienna headquarters.

Opec, the Organization of Petroleum Exporting Countries, has already committed to halting the supply of 1.2 million barrels a day, starting from January.

Opec said then it was seeking for non-member states to also lower their output, and Russia had signalled it would co-operate.

The moves come after more than two years of depressed oil prices, which have more than halved since 2014, due to a supply glut on the market.

Among the non-Opec countries attending the meeting were Azerbaijan, Oman, Mexico, Malaysia, Sudan, South Sudan and Bahrain.

Opec will also have its next meeting on 25 May 2017 to monitor the progress of the deal.

 

About the Author

Anton

Anton Dooley is a Piper with over 25 years experience covering process plant engineering, design & training. He is the founder of pipingdesigners.com

Log in to comment

COM_KUNENA_TOPIC Non-Opec countries agree to cut oil output

Posted: 11 months 1 week ago by Anton #9209
Anton's Avatar
Will this be enough to drive more piping jobs?
Moderators: Jop

 

 

Company News Feeds

Company News Feeds

You are not logged in.

Search

}());