The prices of oil dropped on Friday after the stubborn extraordinary Iran have allowed OPEP to reduce oil with a total of 800,000 bpd, while non-OPEC nations, led by Russia, are said to add another 400,000 posts, for a total of 1.2 million bpd OPEC + Product cut.
At 09:31 a.m. EDT on Friday, WTI Krude shook 3.73% at $ 53.41, while Brent Kruda was surging 4.15% at $ 62.55.
Iran was the last result in OPEP speeches, which dragged from Thursday after members did not agree with the size of the cut and that would be independent.
While the speeches started again on Friday, Iran still refused to accept the words that it would cut and insist on "exemption", being the only co-operative team in the OPEP negotiations, while the retailer, Russia's energy minister Alexander Novak, flew from Moscow for the non-OPEC meeting, and sat down for separate speeches with all Iranian and Saudi Arabia petroleum ministers, Bijan Zangeneh and Khalid al-Falih, respectively.
When the speeches started on Friday, reports showed that Russia was ready to cut its oil production of 200,000 bpd as part of an agreement with OPEC to reduce oil – a higher commitment than 150,000 bpd was issued. Related: United States Make Net Oil Exporter For First Time In 75 Years
Shortly before the meeting between OPEC and the non-OPEC partners, various MEPs and CEO delegates began talking with reporters, saying that there are principles of agreement for 800,000 post office posts in October, with Iran, Libya and Venezuela. "special considerations". According to delegates, OPEP will not provide, who crush the amount, and sources say that the agreement is for a total 3-percent cut.
Early reports also say that the agreement is for six months, but will be reviewed again in April 2019.
OPEC and non-OPEC now meet closed doors, and the Energy Minister, Suhail Al Mazroui, said in an open meeting before the meeting hoped that the OPEC and non-OPEC cooperation would continue "for many years."
By Tsvetana Paraskova for Oilprice.com
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