Oil production OPEC and Russia shrinks

vienna - Oil production from countries that are members of oil cartel OPEC was first dropped in seven months. Even Russia, which is not an OPEC member, word seems to keep his production as promised to cut back. That made OPEC Wednesday.

The oil exporters to lower OPEC members recently agreed production starting this year, in a bid to boost oil prices. They received support from Russia among others. The rebounding oil price will take care of a growing production of other countries, according to OPEC to increase less than expected last month.

The production of the thirteen OPEC members fell in December by just over 220 000 barrels of crude oil per day. The Russian production will decrease in the coming months with about 245 000 barrels per day.

The production cuts are, moreover, not enough to really tackle the oil surplus on the world market. The total production of OPEC is still about 1.8 million barrels per day higher than the average 31.3 million barrels estimated to be needed.