Azeri oilmin says OPEC may propose 880,000 bpd output cut for other producers

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BAKU, NOVEMBER 24, 2016 – OPEC will probably propose other producers cut their oil production by 880,000 barrels per day for six months starting from Jan. 1 2017, the Azeri newspaper Respublika quoted Azerbaijan’s Energy Minister Natig Aliyev as saying on Thursday.

“It could be expected that OPEC members may ask non-OPEC countries to cut production volumes for the next six months starting from Jan. 1 2017 … by 880,000 barrels from the total daily production,” the newspaper quoted Aliyev as saying.

An OPEC source told Reuters that OPEC was yet to make a final proposal to non-OPEC countries on joint production cuts, which will be discussed on Nov. 28 in Vienna.

 

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