In Riyadh, appreciated the possibility of extending the Vienna agreement on oil

© AP Photo / Hasan JamaliДобыча oil. Archival photoIn Riyadh, appreciated the possibility of extending the Vienna agreement on oil© AP Photo / Hasan Jamali

All countries participating in the agreement of OPEC and other States on the reduction of oil production, agrees to extend the validity period until the end of the first quarter of 2018, said Minister of energy, industry and natural resources Saudi Arabia Khalid al-falih.

«We think we can all agree. Everyone with whom I spoke, made it clear that to extend the agreement for nine months — a wise decision», — quotes Bloomberg words of al-falikha.

He also said that, in his opinion, the extension of the agreement until the end of the first quarter of 2018 will help to achieve the goal of reduction of commercial stocks of oil and oil products in the world to five-year average.

OPEC November 30 in Vienna agreed to reduce its production by 1.2 million barrels a day from October level. 11 non-OPEC countries, 10 Dec agreed to reduce its production a total of 558 thousand barrels per day, including RF — 300 thousand.

The agreement was concluded for the first half of 2017 with possibility of extension. The question of the extension will be considered at the Ministerial meeting of the monitoring Committee of 24 may, and on the meeting of OPEC and countries that are not members of the cartel, may 25.

On Monday, al-falih in the joint with the head of the Ministry of energy Alexander Novak’s statement announced that both countries may 24-25, will offer to extend the agreement’s current terms for a further nine months — until April 1, 2018.

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