The members of the Organization of Petroleum Exporting Countries decided on Friday to reduce the oil production by 1.5 million barrels per day, AFP informs. The announcement was made by the Saudi Arabia Oil Minister, Ali al-Nouadmi. Immediately after the announcement was made, the Brent oil price dropped to 61.08 dollars per barrel in London and 63.05 dollars per barrel in New York.

The diminishing of the daily production was recently predicted by the OPEC president, Tchakib Khelil, who argued that the balance between demand and offer must be re-established.