Last week was marked an event that will significantly influence the global petroleum market in the near future.
On 30 November, a meeting of OPEC members took place in Vienna where participants reached an agreement on curtailing petroleum production for the first time over the last eight years. Total oil production should be cut down 1.2 million barrels per day. Other oil producing countries that are not OPEC members should reduce petroleum production by 600,000 barrels per day, including Russia – within 300,000 barrels per day.
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