OPEC oil cartel is approaching a deal for a further production limitation of 500,000 barrels per day. Delegates from different delegations report this. The OPEC countries and their allies such as Russia are likely to formally announce the agreements made on Friday.
A reduction in production with 500,000 barrels per day would barely move oil prices, experts say. Such a step would simply be a formalization of the current situation. According to the current agreements, OPEC must produce 1.2 million barrels per day less. In October the production limitation of the member countries was 1.7 million barrels per day, so 500,000 barrels per day more than agreed.