Monday , July 4 2022

Ecuador approves OPEC decision to cut oil production – Minister of Energy | Power industry


MOSCOW, Aza 26 / PRIME /. The decision by the OPEC in Ecuador will reduce the volume of oil production, when it was taken by a member of allied members, the Energy Minister and South American renewable resources meeting, Carlos Perez told Reuters.

"We accept this (the decision to reduce oil production), because it will be a positive effect. If we keep oil consumed reserves, it will affect the price of raw materials," said OPEP members.

The meeting of the Ministerial Monitoring Committee of OPEC + will be held on December 5 in Vienna, on December 6, the meeting of Ministers of the OPEC countries and on 7 December, ministers of 25 countries participating in the OPEC + agreement.

OPEC and non-organizing countries (OPEC +) signed a contract to reduce oil production at the end of 2016 in Vienna at 1.8 billion barrels per day in October 2016, 300,000 in Russia. The contract began from the beginning of 2017 and extended until the end of 2018. In June 2018, it agreed to avoid an excessive term for the OPEC + agreement, which is 47%. Recently, in the transaction, more than 200% of the raw materials in the market are being discussed in the market.

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