OPEC members will set individual output quota

Baku. 29 September. REPORT.AZ/ OPEC members, which gathered for an informal meeting in the framework of the 15th international energy forum in Algiers on September 26-28, reached an agreement to freeze daily crude oil output.

Report informs citing the Russian media, OPEC member countries plan to freeze daily crude oil output at 32.5-33 million barrels. According to the agreement, each country will reduce production.

According to OPEC President Mohammed Bin Saleh Al-Sada, a special commission will be set up within OPEC to set individual production level for each of the organization’s member countries. The most reduction will account for Saudi Arabia. The Kingdom will decrease daily production by 442 000 barrels. Also, Iraq will reduce production by 135 000 barrels, the United Arab Emirates 155 000. Exclusions concerning oil output could be made for Libya and Nigeria.

Brent oil futures with supply in November 2016 surge 6% to $49 per barrel against the background of news on oil production limiting deal reached by the OPEC members.