Published On: Sun, Nov 6th, 2016

Oil producers to hold talks in Istanbul to limit oil production

It is reported that the world’s top oil producers are scheduled to hold talks in Turkey to put into effect an agreement to keep crude oil production down.  The meeting will be held in Istanbul next week on which occasion members of  The Organization of the Petroleum Exporting Countries (OPEC) like Saudi Arabia, Iran and Iraq, are expected to meet with Russian officials.

Key OPEC producers had agreed earlier on an oil deal to limit crude production. Oil has gained more than $6 a barrel since OPEC announced the decision following informal talks in Algiers on September 28. OPEC wants to keep the current trend untouched as agreed by its members and persuade non-members like Russia to support the deal.


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