Date: 5 months ago   Category: Economy

Novak: extension of the contract on reduction of oil production will improve a condition of the market - RIA Novosti, 5/8/2017


Oil production in the cities of Khanty-Mansi Autonomous Okrug. Archival photo
MOSCOW, on May 8 — RIA Novosti. The Russian Federation considers effective a joint initiative of the countries of OPEC and the countries which aren't entering into cartel of stabilization of the world oil market, 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, the Minister of Energy of the Russian Federation Alexander of Novak.© of AP Photo/PRNewsFoto/Redhawk Investment Group, LLC has told journalists, Shutterstockneft rises in price because of possible extension of the agreement on production reduction" Russia is solidary with efforts of partners in rebalancing of the market and considers that the joint initiative of stabilization of the world oil market is effective at the moment. We discuss various options and we consider that extension for longer term will help to accelerate return of the markets to healthier state" — Novak has told. 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 on May 25.

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