OPEC members will consider the renewal of the agreement on the reduction of oil production

© AP Photo / Hasan JamaliДобыча oil. Archival photoOPEC members will consider the renewal of the agreement on the reduction of oil production© AP Photo / Hasan Jamali

The parties to the agreement, OPEC will consider the extension of the agreement on the reduction of oil production at six and nine months, said the Minister of energy of the UAE Suhail al-Mazrui.

«We expect a good meeting. The deal works, according to (its implementation) is great. I think there is a logic, (to) prolong the deal. We will hear analysis from the organization (OPEC) waiting to make the right decision to stabilize the market,» he said.

«We have to consider six and nine months, analysis to make the decision,» 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 Russia — 300 thousand. No obligation to reduce production does not carry the two countries — Libya and Nigeria.

© Integratiebeleid in potamocorbula of the countries-exporters of oil (OPEC)OPEC members will consider the renewal of the agreement on the reduction of oil production© Integratiebeleid in potamocorbula of the countries-exporters of oil (OPEC)

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