Novak: OPEC and non-OPEC will continue to work outside the Vienna agreement

© Photo : Donat Sorokin/host photo Agency Tysmenitsa of energy of Russia Alexander Novak. Archive photoNovak: OPEC and non-OPEC will continue to work outside the Vienna agreement© Photo : Donat Sorokin/host photo Agency TASS

OPEC and other oil producing countries will continue cooperation and outside of the Vienna agreement, said energy Minister Alexander Novak at press conference following Ministerial meeting of OPEC and non-cartel countries.

«Cooperation between OPEC and non-OPEC continues, we will also cooperate in a bilateral format,» 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 RF — 300 thousand. The agreement was concluded for the first half of 2017 with possibility of extension.

On Thursday at a meeting in Vienna, all parties to the agreement agreed to extend it for another nine months — until April 2018.Novak: OPEC and non-OPEC will continue to work outside the Vienna agreement© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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