In November 2016, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting 2017. On December 10, OPEC finished a meeting with non-OPEC countries in Vienna, at which non-OPEC countries decided to cut oil output by 558,000 barrels per day, with Russia cutting the output by 300,000 barrels per day from January 2017.
According to Maduro, this is a historic agreement, as it has created a partnership relations between OPEC members and non-cartel oil producing states, such as Russia. Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters. Prices then recovered to over $40 per barrel before rallying to over $55 per barrel after the deal.
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