Terms of the agreement OPEC and other oil exporters, approved yesterday, 9 April, return oil production in Russia 17 years ago, Reuters calculated.
Russia and Saudi Arabia agreed to cut production by 2.5 million barrels, but as a point of reference selected 11 million barrels per day. In this regard, the March levels Moscow in may will remove 1.8 million, and Riyadh — 1.3 million.
This level should hold within two months. After him, from July to December to get you 9 million and 16 months to 9.5 million.
For the approval of the transaction requires the consent of Mexico. The negotiators tried to achieve from it decrease by 400 thousand barrels, but she agreed only on 100 thousand.
Also to the failure of the transaction may result in the refusal of the US to take more serious measures to reduce production. At the moment Washington wants to confine itself to a gradual decrease in production due to unprofitable deposits, but not to take on any commitments. Against such a position are Russia and Saudi Arabia, as it allows American companies to immediately supply the market with additional volumes of raw materials, if there is a demand.
