Russian Official: OPEC’s Decision Impacts Positive On US-Russian Partnership In Oil Field

BAGHDAD / Trade Representative of the Russian Federation in the United States, Alexandr Y. Stadnik stressed that the resolution, adopted by the Organization "OPEC" on reducing the volume of oil production, will impact positively on business activity in the United States, therefore on the US-Russian partnership in this field.

Stadnik, according to the Russia Sputnik website, said: "The decision that was taken by the Organization of Petroleum Exporting shows that there is a convergence between the positions of members of the organization and the positions of countries outside, so we will see an increase in energy prices, which all the key players needed for a long time."

The decision reached by the OPEC, on Wednesday, serving to reduce the volume of oil production on January 1 since 2017, an average of 1.2 million barrels per day in order to reach 32.5 million barrels.

The resolution states that non-OPEC states reduced oil production at a rate of 600 thousand barrels per day, while Russia agreed to reduce this size at a rate of 300 thousand barrels per day.

Source: National Iraqi News Agency