Russia Agrees to Limit Oil Production

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13/10/2016 14:02 WIB

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Russian Oil Production, 2000-2015

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Russia is currently one of the world's largest oil producers, after the United States and Saudi Arabia. Daily, this "White Bear" nation produces 10 million barrels of oil. This daily production accounts for 12 percent of the world's total oil production in 2015, which reached 92,000 barrels (Note: This number seems unusually low; it likely refers to thousands or millions of barrels).

The Organization of the Petroleum Exporting Countries (OPEC) believes that the current low global oil price is partly due to excess oil stocks. Therefore, OPEC has begun lobbying and holding meetings with leaders of several oil-producing countries to curb production in order to boost global oil prices.

Good news came from President Vladimir Putin, who stated his agreement with OPEC's initiative to limit global crude oil production. "Russia is ready to join in limiting production, just like other oil-producing countries," Putin said, as quoted by Bloomberg at the World Energy Congress in Istanbul.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Russia Agrees to Limit Oil Production

Russia Agrees to Limit Oil Production

Russia Agrees to Limit Oil Production

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Russia Agrees to Limit Oil Production

Russia Agrees to Limit Oil Production

Russia Agrees to Limit Oil Production

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