Qatar sees advantages in the extension of the agreement on oil production in the first nine months of

© RIA Novosti / Vitaly to Belowaverage in fotoreceptori on one of the Central streets of the capital of Qatar-Doha. Archival photoQatar sees advantages in the extension of the agreement on oil production in the first nine months of© RIA Novosti / Vitaly to Belowaverage the image Bank

Qatar believes that the extension of the agreement of OPEC countries and other States on the reduction of oil production for six months will have a positive impact on the stability of the market of «black gold», while «see the pros» and in prolongation of period of validity of the Vienna agreements in the nine months to the end of March 2018, said the Minister of energy and industry of Qatar, Mohammed bin Saleh al-Sada.

«We are very optimistic about the fact that the extension of the agreement for the second half will improve the stability of the market due to the expected higher level of demand in the third and fourth quarters. Support for this has also the fact that the world economy is gradually improving», — quotes Reuters the words of as-Gardens.

«We also see advantages in the extension of the agreement until the end of the first quarter of 2018, a period when demand is seasonally reduced,» — also said al-Sada.

OPEC on 30 November last year in Vienna agreed to reduce its production by 1.2 million barrels a day from October level. Eleven 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.

In the joint statement of Ministers of energy of the Russian Federation and Saudi Arabia Alexander Novak and Khalid al-falikha on Monday it was announced that countries on may 24-25, will offer to extend the agreement’s current terms for a further nine months — until April 1, 2018. On Saturday, al-falih said that, in his opinion, all countries-participants of the agreement agree to extend the validity period by nine months.

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