After decreeing a production cut of 1,2 million barrels per day, OPEC (Organization of Crude Oil Exporting Countries) has managed to get as many as twelve producers from outside the group to its side, who in turn have formally committed to removing around 600 barrels a day from the market. The agreement establishes the first joint intervention between OPEC and non-OPEC countries for fifteen years now, but such a large participation has not been seen since the 70s:?the countries responsible for more than 50% of the world's oil supply coordinated.
"This is truly a historic summit," said OPEC Secretary General Mohammed Barkindo. "We will give a boost to the global economy and help some OECD countries reach their inflation targets." In addition to Russia, which confirmed a cut of 300 thousand bg, and to Oman, which had guaranteed its support from the outset, among the major producers who have responded to the appeal there are also Mexico and, surprisingly, Kazakhstan.
