The phone conversation between Minister of Energy of Russia Alexander Novak and Minister of Energy of Saudi Arabia Khalid Al Falih played the crucial role in the final OPEC’s agreement on limiting oil production, RNS reports quoting Bloomberg.
The conversation was conducted on November 29, shortly before OPEC meeting, at which OPEC countries should set quotas for oil production.
The agency sources, close to ministers, told that Novak emphasized Russia’s willingness not only to freeze oil output, but also to reduce it, taking the half of quota, which OPEC proposed non-member countries. In response, Al Falih made OPEC members report exact figures, by which they are ready to reduce oil production.
On November 30, OPEC member countries agreed on freezing oil production at 32.5 mln barrels per 24 hours, i.e. reduction by 1.2 mln barrels per 24 hours. Non-member countries jointly agreed to reduce oil production by 600 ths barrels per 24 hours, including Russia – by 300 ths barrels.
