Russian President Vladimir Putin’s key role in brokering the OPEC agreement The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday. A number of non-OPEC producers will join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian
From the Wall Street Journal VIENNA—Iran and Iraq emerged as major stumbling blocks to an OPEC agreement on reducing crude-oil output, as cartel members gathered ahead of their official meeting to tackle the thorny puzzle of how to share the pain of reducing their production. Officials of the Organization of the Petroleum Exporting Countries who met for midlevel talks aimed
Nigeria’s oil minister sees OPEC production freeze as likely, says Saudis are pushing for it A wider production freeze inside of OPEC could be close at hand, Nigerian Oil Minister Emmanuel Ibe Kachikwu said during an interview with CNBC. Earlier this month, four OPEC producers and Russia agreed to maintain production at January levels, welcome news in a global market
