OPEC talks are underway with Azerbaijan

A barrel of crude oil could raise by 10-15 USD

Baku. 5 October. REPORT.AZ/ A barrel of crude oil could raise by 10-15 USD after the agreement to curb output. 

Report informs citing the RIA Novosti, Venezuela's Oil Minister Eulogiodel Pino said. 

According to him, decision to reduce oil production at the next summit between OPEC member countries in Vienna (Austria) in November could rise oil prices.

Notably, at the informal summit of OPEC in Algeria on September 26-28 members agreed to reduce production to 32,5-33 mln b/d. The final decision will be given on November 30 in Vienna.

According to E. Pino, OPEC can reduce daily output by 0.7 mln b/d. Other non-OPEC countries will be offered to reduce daily output by 0.5 mln b/d. So, the minister said they plan to reduce daily output by 1.2 mln b/d. 

He also added at present, talks are underway with Oman, Russia and Azerbaijan to determine the level of production: " In case of agreement, it will be a historical understanding."

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