Russia says global deal on oil output cap is close

MOSCOW -- Russia says it is close to an international deal with OPEC countries to cap oil production, and that a final decision will be made at a meeting this month.

See Full Article

Saudi Arabia, Russia, Venezuela and Qatar floated an output cap last month with the aim of boosting oil prices, but it was conditional on other producers joining in. Iran has so far resisted, while Russia has agreed.

Addressing top state and private sector oil executives, Russian President Vladimir Putin said Energy Minister Alexander Novak "is agreeing and practically has agreed with his partners in the global market" to cap oil output, in comments published on the Kremlin website.

"It's about us not ramping up oil production this year," he said.

Putin told the oil executives that "as the minister has reported, you are all in agreement with this proposal."

The deal would cap Russian production at the level of January 2016, Putin said.

Novak was quoted by the Tass news agency as saying that the deal mentioned by Putin was agreed to by countries which together accounted for 73 per cent of global production. It was not immediately clear which countries he meant.

He said a meeting of OPEC and non-OPEC producers like Russia this month will produce "a final decision."

The Russian economy is in recession after being hit hard by the low price of oil, which has also hammered government revenue.



Advertisements

Latest Economic News

  • U.S., China, EU, others fail to reach environmental goods deal

    Economic CTV News
    GENEVA -- Forty-six countries including the U.S., China and European Union nations failed Sunday to agree on a list of "environmental goods" like solar-powered air conditioners or LED light bulbs that could be targeted for lower tariffs. Source
  • Venezuela to issue new bills with current ones worth no more than 2 U.S. cents

    Economic CTV News
    BOGOTA -- Venezuela said it will issue higher-denominated bills as triple-digit inflation and a currency meltdown leave the country's largest note worth just around 2 U.S. cents on the black market. The central bank said in a statement Saturday that six new bills ranging from 500 to 20,000 Bolivars will begin circulating on Dec. Source
  • Six things to know about the bovine TB outbreak: CFIA's chief veterinary officer

    Economic CTV News
    OTTAWA -- More than 22,000 cattle at farms in Alberta and Saskatchewan are quarantined due to bovine tuberculosis, causing hardship for ranchers and millions in compensation payments and other costs. The Canadian Food Inspection Agency is testing cattle to determine the extent of the outbreak and the source of the contagious bacterial infection. Source
  • U.K.'s Boris Johnson downplays EU payment suggestions

    Economic CTV News
    LONDON -- Britain's foreign secretary has dismissed suggestions that London would be willing to pay into European Union coffers following an exit from the bloc, describing the idea as speculation. Boris Johnson's comments to the BBC on Sunday came after Britain's minister for leaving the European Union, David Davis, said that the country might be willing to pay in return for access to the single market. Source
  • Beyond the hippie stereotype: A closer look at the opposition to Trans Mountain

    Economic CBC News
    A conversation about tripling your money on a tech start up might seem out of place at an anti-pipeline march, but not so in Vancouver. When thousands of protestors made their way from City Hall to downtown a few weeks ago, chatter about stock options and where to go for ramen after the rally could be heard alongside the traditional indigenous drumming and chants of "Hey, hey, Trudeau, Kinder Morgan's got to go". Source
  • Using Air Miles for overseas flights? It may not be a great deal

    Economic CBC News
    You've saved your Air Miles for a well-deserved overseas adventure — but don't pack your bags just yet, as you may be in for a surprise. Seventeen million Canadians collect Air Miles reward points on everything from groceries to gas. Source
  • Airbnb drops lawsuit against NYC over new state law

    Economic CTV News
    NEW YORK -- Airbnb has agreed to drop a lawsuit against New York City over a new state law it said could have deterred hosts and impaired its revenues. The settlement was reached Friday. Source
  • France pledges $30 million for wartime heritage protection

    Economic CTV News
    ABU DHABI, United Arab Emirates -- France committed $30 million toward protecting cultural heritage sites during wartime on Saturday, a first step in the creation of an international fund aimed at preventing destruction like that carried out by Islamic State militants. Source
  • The best and worst ways to budget for the holidays

    Economic CBC News
    Presents. Parties. Travel. The holidays can drain our energy, and our bank accounts — even if we try our best to prevent it. We checked in with some of Canada's top personal finance experts for their best budget tips, but also their biggest blunders, because even the smartest money-handlers know holiday pressure can lead to poor decisions. Source
  • Angry Air Miles collectors demand back points they rushed to use on 'junk'

    Economic CBC News
    On Thursday, Air Miles cancelled its controversial expiry policy. But the move is only fuelling the fury for many collectors who used their points on stuff they didn't really want to beat the clock. Source