(Ecofin Agency) - The former Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Abdallah Salem El-Badri (photo), has said that a crude oil production cut of about 600,000 barrels per day from non-OPEC members is a necessity.
“You have to cut production. This decision is a positive step forward,” he said at a Platts conference in New York.
OPEC agreed last month to cut production by 1.2 million bpd and has been working to persuade non-OPEC members, including Russia, to reduce output as well, Reuters reports.
The group is to hold first talk since 2002 with non-OPEC countries on Saturday to finalize oil production cut deal as it hopes 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.
Other non-OPEC producers such as Oman, Azerbaijan, Kazakhstan, Mexico and Bahrain too are expected at the meeting and contribute in the cut, according to Russian Energy Minister, Alexander Novak.
Anita Fatunji