Algeria announced a possible extension of the agreement on oil production in 2018

© RIA Novosti / Alexei Vitvitskiy in photobacteria meeting of the Organization of countries-exporters of oil (OPEC) in Vienna. Archival photoAlgeria announced a possible extension of the agreement on oil production in 2018© RIA Novosti / Alexei Vitvitskiy the image Bank

Countries-participants of agreements on the reduction of oil production discuss various scenarios of extension of the transaction, including the whole 2018, said the Minister of energy of Algeria, Nureddin Boutarfa.

«We are not discussing only for nine months, but also for the whole year, because you need to look at the situation on the market,» he said in answer to the question, what are the options of extending the agreement to discuss OPEC countries and countries outside the cartel.

But the basic scenario that is now being discussed by the participating countries, is to extend the deal for nine months, he said.

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 15 may 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.