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Opec and Partner chokes Oil production

The organization of the petroleum exporting countries (Opec) in Vienna to reach an agreement. The joint funding amount will be reduced by 1.2 million barrels per day, said the Iraqi Minister of oil Thamer Abbas al-Ghadhban on Friday after a meeting of the countries, including Russia. With the throttling, the price of Oil is to be stabilized.

The 15 members of the Opec alone, was succeeded on Thursday still no agreement, on Friday, the Opec Ministers met with representatives of a total of ten oil-producing countries, including Russia, the second-largest oil Producer in the world.

The price of Oil has fallen in the past two months to more than 30 percent and fluctuates currently around 60 dollars per barrel. Reason for this is that traders can expect a Glut in at the same time decreasing demand due to the slowing economy. (fal/afp)

Created: 07.12.2018, 17:09 PM

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