Top information about reducing of oil production between OPEC and Russia

OPEC member states agreed to extend oil production cuts until the end of 2018 at their meeting in Vienna last November, in an attempt to get rid of the abundance of world supply of crude, while they pointed to a possible terminate the agreement before that date if prices growth.

The information about reducing of oil production between OPEC and Russia:

• The deal to cut oil output has begun since January 2017, to cut production by 1.8 million barrels per day for six months, ending at the end of June but extended until the end of March, and then extended again until the end of 2018.

• Russia, for the first time, cuts its oil production in its first real cooperation with the OPEC countries, with a reduction of up to 300,000 barrels per day.

• OPEC and the independent countries participating in the agreement will assess progress during its next meeting in June.

• OPEC and Russia together produce more than 40% of world oil.

• The cut-off agreement caused oil prices to rise above $ 60 a barrel, after the price was only $ 50 at the beginning of the year.