Proposals for extraordinary meetings of OPEC members+ no, said Novak

© RIA Novosti / Evgeny to Betemporary in fotomancer of energy of Russia Alexander Novak. Archival photoProposals for extraordinary meetings of OPEC members+ no, said Novak© RIA Novosti / Evgeny to Betemporary the image Bank

Oil-producing countries participating in the agreement on the reduction of oil production (OPEC+), has made proposals for the extraordinary meetings in connection with the situation in the oil market, said Minister of energy of Russia Alexander Novak.

On Tuesday the price of Brent crude oil has updated more than six months at least, for the first time since November 29 of last year, dropping below $ 46 per barrel on fears of a global oversupply of the commodity.

«We need to look at the market situation. As events will develop now according to the balance of supply and demand. In the summer the demand increases, we will watch and monitor. Any suggestions not about the fact that something is extremely to assemble and take. We act in accordance with previous decisions,» — said Novak on the question of journalists, whether they should wait for that Committee meeting OPEC+ can turn into an extraordinary meeting about the price.

OPEC and other oil producing countries at the end of 2016, agreed to cut oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In late may, its validity was extended for nine months until the end of March 2018.

The meeting of the Ministerial Committee for monitoring the implementation of the agreement will be held in July in Russia.

Proposals for extraordinary meetings of OPEC members+ no, said Novak© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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