Libya supported the extension of the agreement to reduce oil production

© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, ShutterstockДобыча oil. Archival photoLibya supported the extension of the agreement to reduce oil production© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, Shutterstock

Libya supports the extension of the agreement to reduce oil production to the end of 2018, told RIA Novosti the representative of Libya in the OPEC Board of governors Mohammad Aoun.

«Yes, Libya supports the extension of the agreement to reduce production. We support the whole year,» said Aoun to a question.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017, and in may extended for another nine months — until the end of March 2018.

Libya and Nigeria, under the terms of the Vienna transactions exempt from the obligations of reducing production. In October, Libya has increased oil production on a monthly basis, 42.3 thousand barrels per day, up to 962 thousand barrels per day.

In Vienna on 30 November there will be a meeting of Ministers of petroleum and energy States of all 24 agreement to reduce production of «black gold» within and outside of OPEC. In anticipation of this meeting, November 29, there will be a meeting of the Ministerial Committee for monitoring the execution of the transaction OPEC+, and adjustments in the terms and conditions, which includes representatives of only five countries of the agreement: Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

At the end of October the crown Prince of Saudi Arabia Mohammed bin Salman al Saud said that the Kingdom supports the extension of the agreement on the reduction of oil production. In early October, Russian President Vladimir Putin said that the agreement, if extended, until at least the end of 2018.

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