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Events
Russia to discuss oil output cut with OPEC www3.nhk.or.jp
Some members of the world's largest petroleum cartel, OPEC, and non-member oil producers have agreed to enter full-fledged talks later this month to cap production to boost the price of the commodity.
Representatives of Qatar and other members of the Organization of Petroleum Exporting Countries and non-member major oil exporters, including Russia, gathered in Istanbul, Turkey, on Wednesday.
OPEC reached an agreement late last month to limit supply.
OPEC representatives called on non-members to join the agreement.
Russia is among the participants eager to curb output.
They agreed to hold two days of talks in Vienna starting on October 28th to discuss the details.
An invitation is to be extended to the United States, the world's largest oil producer, thanks to the rise of shale oil.
Russian President Vladimir Putin on Monday expressed readiness to control output. Crude oil prices shot up following the announcement.
OPEC will be holding a general assembly in November to officially set output caps for each member country.
As non-OPEC nations, including Russia, appear set to monitor developments, it remains to be seen whether the talks later this month will prove fruitful.
Published Date:2016-10-13
