Saudi energy Minister announced, when will be decided the future of the Vienna deal

© RIA Novosti / Ilya Petliurite in photobacteria oil. Archival photoSaudi energy Minister announced, when will be decided the future of the Vienna deal© RIA Novosti / Ilya Petliurite the image Bank

In the case of an extension agreement to reduce oil production to the end of the first quarter of 2018 the future of the arrangements may be determined in November-December, told reporters the Minister of energy of Saudi Arabia Khalid al-falih.

«We decide, it will probably be in late November or early December… what to do at the end of the first quarter of 2018,» said al-falih.

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 monitoring Committee following Ministerial meeting, held Wednesday in Vienna, recommended to extend the agreement for another nine months, leaving unchanged the volume reduction. The final decision will be taken on Thursday at a meeting of OPEC and the countries not members of the organization.

Saudi energy Minister announced, when will be decided the future of the Vienna deal© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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