Qatar reduces its oil production

Qatar decided to reduce its production of petroleum by 30,000 barrels daily, according to an agreement ratified between Saudi Arabia, Venezuela, and Mexico which imposes a reduction in the three countries' production of 1.1 million barrels daily from the beginning of the coming month until the end of the year.

The Qatari minister of energy and industry, Abdallah Bin Hamad al-Attiyah, expressed his belief that oil production can be reduced inside and outside OPEC by between 1.8 million and 2 millions barrels daily, saying that this scale of reduction can contribute to enhancing oil prices, but he did not specify the when the reduction will start.

He also said his country is ready to attend any meeting held by OPEC to decide the new reductions, but the communications between Qatar and OPEC concerning this suggested meetings have not yet begun.

Qatar also signed an exploration and production agreement with the US company Chevron for its Block 2 area. The new agreement is Qatar's second with the US company.