Sands: the extension of the Vienna agreement aimed at the regulation of prices

© RIA Novosti / Maxim to Bogodeeva in fotosannette conventional pumping unit. Archival photoSands: the extension of the Vienna agreement aimed at the regulation of prices© RIA Novosti / Maxim to Bogodeeva the image Bank

Probable extension of the nine months of the agreement to reduce oil production aimed at the regulation of the dynamics of energy prices, said the press Secretary of the President Dmitry Peskov.

«First of all, we are talking about the joint efforts aimed at streamlining the dynamics, changes in energy prices,» he said, answering the question, what benefit would be for the Russian budget during the extension of the agreement for nine months.

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.

Sands: the extension of the Vienna agreement aimed at the regulation of prices© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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