Meeting on monitoring the implementation of the Vienna agreements will be held in July

© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, ShutterstockДобыча oil. Archival photoMeeting on monitoring the implementation of the Vienna agreements will be held in July© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, Shutterstock

The next meeting of the Ministerial Committee for monitoring the implementation of the agreement on the reduction of oil production will take place in Moscow in July, according to the website of the TV channel CNBC, citing energy Minister Alexander Novak.

«You know, we have the opportunity to respond to any situation that may arise in the market. In this respect, we have the technical monitoring Committee working on this every month. The Ministerial Committee will continue to work on the same basis,» — said Novak channel.

Earlier Thursday, the Russian Minister announced that the next Ministerial meeting of the monitoring Committee under the Vienna agreement will be held tentatively on 23 and 24 July, probably in Moscow or St. Petersburg.

«As for my predictions, I think that within the next two months until the next meeting of the Ministerial monitoring Committee we will see a gradual restoration of market balance, reduction of reserves (oil),» — said the Minister.

At the last Thursday meeting in Vienna, all participants of the Vienna agreement agreed to extend the reduction in oil production for the nine months to the end of the first quarter of 2018.

OPEC agreed on 30 November last year in Vienna to reduce production by 1.2 million barrels per day from October levels to stabilize oil prices. Eleven non-OPEC countries, 10 Dec agreed to reduce its production a total of 558 thousand barrels, including RF — 300 thousand. The agreement was concluded for the first half of 2017 with possibility of extension.

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