Date: 8 months ago   Category: Economy

Novak has urged OPEC to seek for maintaining balance in the oil market - RIA Novosti, 9/23/2018


ALGERIA, 23 Sep — RIA Novosti. The OPEC in the conditions of big uncertainty in world economy needs to work to keep balance of the market of oil, the Minister of Energy of the Russian Federation Alexander Novak has said to press conferences following the results of a meeting of ministerial monitoring committee of OPEC.© RIA Novosti / Alexey Vitvitsky to Pass into an image bank of the Country of OPEC we intend to attract to the transaction new participants "Ahead at us, really, is as my colleagues, big uncertainty in a number of the directions which, unfortunately, today we note in the global economic markets spoke about it. And, of course, it is necessary to us still very much, to work much all together to achieve the objectives and to provide execution of our general arrangements for achievement of balance in the market" — Novak has said. 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 oil production on 1,8 million barrels a day from the level of October, 2016 from which 300 thousand fell on Russia. The contract started since the beginning of 2017 and has been prolonged until the end of 2018. In June, 2018 the OPEC has coordinated the purpose to avoid overfulfillment of terms of agreement which then made 47%.

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