Date: 8 months ago   Category: Economy

Novak doesn't see need to change quotas at OPEC - RIA Novosti, 9/23/2018

ALGERIA, 23 Sep — RIA Novosti. The ministerial monitoring committee of OPEC will discuss the general indicators of oil production at today's meeting, at the same time to change oil quotas for member countries of the agreement there is no need now, the Minister of Energy of the Russian Federation Alexander Novak before a meeting of committee has told journalists. "We will discuss the general indicators, the general parameters on production. But now a situation in the different countries different. We in June said that now, specifically to change quotas which have been established there is no need. We will speak about the general indicators" — Novak has told. 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 same time 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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