The organization of the petroleum exporting countries (Opec) and other important mining countries have decided to reduce their Oil production. The joint funding amount will be reduced by 1.2 million barrels per day, said the Iraqi Minister of oil Thamer Abbas al-Ghadhban, after a meeting of the countries in Vienna. With the throttling of the Oil price should be stabilized.
The members of Opec alone was a success on Thursday, no agreement. On Friday, the Opec Ministers met with representatives of a total of ten other oil-producing countries, including Russia, the second-largest oil Producer in the world. The 14 Opec countries would reduce their production by 800,000 barrels, and a further 400,000 barrels would not accept members, said the Iraqi Minister. The reduction amount corresponds to about one percent of the global production. In April there will be a re-examination, a spokesman said of the meeting in Vienna.
The price of Oil had 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.
Opec will be starting in January, only 14 members. Qatar had recently announced his departure from the organization.