Reducing the level of production – coordination and real actions of the countries of oil producers

How will they reduce the level of oil production

Last week, a meeting of representatives of the OPEC countries and large oil producing countries took place, which discussed the issue of reducing the level of oil production.

The meeting agreed that a number of countries, including Russia, Venezuela, Saudi Arabia and some others, maintain the level of oil production this year at the January level. But the other day, Saudi Arabia reported that the reduction in oil production for her is unacceptable.

The representative of Saudi Arabia said that the state is not ready to reduce prey, while other oil producers can limit themselves to this issue. Also, other countries can completely “freeze” prey, which should positively affect the overall atmosphere and the cost of 1 barrel of oil.