OPEC suggests non-OPEC countries to take one third of total output cuts

OPEC ministers discussed the oil production cut by 0.9-1.0 mln barrels per day within the Organization’s framework and believe that ten non-OPEC countries should assume a half more of this portion, two sources in OPEC said.

"If OPEC cuts by 1 mln barrels, and this is what we discussed, then non-OPEC should reduce by 0.5 mln. If OPEC slashes by 900,000 barrels, then non-OPEC should reduce by 450,000," one of sources said, recalling that the overall quota was broken down under the same principle last year.

OPEC countries reached a preliminary agreement after talks in Vienna to reduce oil production but specific volumes to be cut are still to be agreed. According to TASS sources, oil production will be reduced from the October 2018 level.

The OPEC+ ministers meeting, where specific decisions can be made, will take place tomorrow in Vienna.