on a diplomatic Mission, sponsored by the Opec in Moscow to try to persuade a reluctant Russia to cut its production of crude oil. The Energy Ministers of Algeria, and Venezuela, Noureddine Boutarfa (one of the architects of the agreement on the cut of September), and Eulogio Del Pino, will fly to Moscow tomorrow.
The Opec meeting is set for Wednesday, November 30 at Vienna, to define the terms of the first-cut of the output in 8 years. The top three producers of the cartel, Saudi Arabia, Iraq and Iran remain still divided on how to distribute the reduction of the product. While Russia has so far resisted the requests of Opec to participate in the cutting.
A new brake-cutting comes from Libya: the economic situation prevents to take part to the production cuts that may be decided at the Opec “at least in the near future”. He said, according to a report in Bloomberg, the chairman of the National Oil Company of libya, Mustafa Sanalla. Libya has more than doubled its crude production to about 600,000 barrels a day from when the different ports for the shipping of oil have been unlocked in September. But output remains well below the 1.6 million barrels per day that Libya produced before the uprising of 2011.
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