Oil-producing countries will discuss the extension of the Vienna agreement

© AP Photo / Hasan JamaliДобыча oil. Archival photoOil-producing countries will discuss the extension of the Vienna agreement© AP Photo / Hasan Jamali

Representatives of oil-producing countries in OPEC and outside of the organization, will discuss on Thursday in Vienna a recommendation to extend the agreement to reduce oil production for another nine months — until April 1, 2018. Reduction of oil production is expected to remain unchanged.

A recommendation adopted may 24, the Ministerial Committee for monitoring the execution of the agreement. Also, this Committee evaluated the degree of fulfillment of commitments to reduce production. So, the overall level of implementation of the agreement on the reduction of oil production by member countries of OPEC and other oil-producing countries in April amounted to 102%.

In fact, on Thursday in the Austrian capital will host two events, United by one theme. Morning will be the 172-th OPEC meeting and the second Ministerial meeting of 24 countries of the Vienna agreement, whereby participants have to discuss the details of the renewal agreements.

So, Russian energy Minister Alexander Novak said on Wednesday that oil producing countries will consider the extension of the agreements for another three months after a possible extension of up to April 1, 2018. In addition, it is possible to increase the number of parties to the agreement. Nowak has previously said that production cuts can join three to five new countries, and with them there are negotiations.

OPEC November 30 in Vienna agreed to reduce its production by 1.2 million barrels a day from October level. 11 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. In addition, Iran under the terms of the transaction Vienna had the opportunity to increase oil production to pre-sanctions levels. In late April, oil Minister of this country, Bijan Zanganeh, said that Iran produces about 3.8 million barrels of oil a day.