Date: 6 months ago   Category: Economy

Novak called the main danger of policy of sanctions and trade wars - RIA Novosti, 9/23/2018


ALGERIA, 23 Sep — RIA Novosti. The unpredictable sanctions policy and trade wars create threat to uninterrupted supply of the world with energy, the Minister of Energy of the Russian Federation Alexander Novak at a meeting of ministerial monitoring committee of OPEC has said. "In spite of the fact that a situation today much more favorable, than earlier for consumers and producers, we note that we have entered an era of new considerable uncertainty. The unpredictable sanctions policy and trade wars — all this creates threat to uninterrupted supply of the world with energy, leads to delay of growth rates of world economy and demand for energy" — Novak has told during the performance. In Algeria on September 23 there takes place the meeting of ministerial monitoring committee of OPEC where it is planned to discuss the general situation in the market of oil and observance by the countries of the obligations until the end of 2018 and also model of further interaction since 2019. The OPEC and a number of the countries (OPEC) which aren't entering into the organization have agreed at the end of 2016 in Vienna about reduction of the oil production totally on 1,8 million barrels a day from the level of October, 2016 from which 300 thousand fall on Russia. The agreement has been concluded on the first half of the year 2017, and then prolonged until the end of March, 2018. In November the OPEC countries have made again the decision to prolong the Vienna agreement — until the end of 2018. At the end of June of the current year the OPEC has coordinated the purpose to avoid overfulfillment of obligations within the agreement. Then it was reported that the countries carry out the transaction for 147%. It was explained that in practice it will mean increase in production by 1 million barrels a day, including Russia — on 200 thousand.

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