(Ecofin Agency) - The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo (photo), on Monday announced that the group will be meeting non-OPEC countries to finalize a global oil production cut agreement on December 10, 2016 in Vienna. This meeting, which is the first since 2002, had earlier been due to take place in Moscow but the plan was changed, two OPEC sources said.

According to Russian Energy Minister, Alexander Novak, Oman, Azerbaijan, Kazakhstan, Mexico, Bahrain and other non-OPEC producers could join the deal. OPEC last week agreed to cut output by around 1.2 million barrels per day starting from January in an effort to reduce global oversupply and bolster prices. The group is hoping that non-OPEC countries will contribute another 600,000 bpd to the cut.

Russia plans to cut its oil output by up to 300,000 barrels per day as a part of its agreement to steady global oil market together with OPEC. “It will be an equal approach, an equal cut by all (Russian) companies, but we will work out (details) additionally. In general, there is an understanding that this (cut) should be equal in percent for all,” Novak said.

Anita Fatunji