Date: 4 months ago   Category: Economy

A number of the countries of OPEC discussed increase in volume of reduction of oil production - RIA Novosti, 5/8/2017


Oil derricks on the Caspian Sea. Archival photo
MOSCOW, on May 8 – RIA Novosti. A number of the countries of OPEC discussed, besides extension more than for half a year of period of validity of the agreement on oil production reduction, the idea of increase in the oil production reduction volume stipulated by the Vienna transaction, Bloomberg with reference to four unnamed delegates in картеле.© reports the agency to RIA Novosti. Ilya Pitalevpereyti in фотобанкНовак: extension of the contract on reduction of oil production will improve a condition of the market "Ministers of a number of the countries of OPEC discussed possible increase in volume of reduction of their oil production, besides possible extension of period of validity of the agreement out of limits of the beginning of 2018" — writes the agency. At the same time sources Bloomberg have noted what unity on the matter hasn't been reached by participants of discussions. The OPEC in Vienna has agreed on November 30, 2016 about reduction of the production on 1,2 million barrels a day from October level. Eleven countries which aren't entering into OPEC have coordinated on December 10 reduction of the production totally on 558 thousand barrels a day, including Russia on 300 thousand. The agreement is concluded on the first half of the year 2017 with a possibility of extension. The decision on destiny of the agreement will be made in Vienna 25 мая.© by AP Photo/PRNewsFoto/Redhawk Investment Group, LLC, Shutterstockneft rises in price because of possible extension of the agreement on reduction dobychirany the Minister of Energy, the industry and natural resources of Saudi Arabia Khalid al-Falikh has declared that the countries of the agreement on reduction of oil production can prolong his action on bigger, than until the end of 2017, term. Later the Energy Minister of the Russian Federation Alexander Novak has reported that he considers effective a joint initiative of the countries of OPEC and the states which aren't entering into cartel of stabilization of the world market of oil, discusses various options and considers that extension of reduction of oil production for longer term will help to return the markets to the normal state. As on Monday has reported the Reuters agency with reference to sources in OPEC and in branch, the countries of the agreement on reduction of oil production discuss extension of term of his action for nine months and longer period.

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