Sentences with phrase «reduce global oil supply»

More than a month after shocking the market by saying that Russia was ready to join OPEC's efforts to reduce global oil supply, Russian President Vladimir Putin said that his country was ready to freeze production at «today's level», injecting more optimism that OPEC and non-OPEC producers might really pull off a deal.

Crude oil prices have jumped to almost one - year high's on Monday in a shocking turn of events as Russian President Vladimir Putin disclosed that Russia was ready to join the cartel's efforts to reduce global oil supply.

Not exact matches

Back in 2014 and again in 2016, OPEC producers curtailed output and reduced the global supply overhang that had depressed oil prices.

Protests in Libya and oil theft in Nigeria have reduced global supply and violence in Iraq has led to concerns that oil production may be cut from the country in the future.

An IEA collective action would be initiated in response to a significant global oil supply disruption and would involve IEA Member Countries making additional volumes of crude and / or product available to the global market (either through increasing supply or reducing demand), with each country's share based on national consumption as part of the IEA total oil consumption.

The European Biodiesel Board says that biodiesel reduces greenhouse gasses by 50 to 95 percent compared to conventional fuel, and has other advantages as well, like providing new income for farmers and energy security for Europe in the face of rising global oil prices and shrinking supply.