The UAE energy Minister said about the need to extend a deal OPEC+

© AP Photo / Hasan JamaliНефтяная tower. Archival photoThe UAE energy Minister said about the need to extend a deal OPEC+© AP Photo / Hasan Jamali

Oil-producing countries participating in the agreement to reduce oil production, it is necessary to extend the deal, said the UAE energy Minister Suhail al-mazroui.

«Oil-producing countries definitely need to extend the deal,» said al mazrouei, speaking at the Ministerial session at the international conference ADIPEC.

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. In may, its validity was extended for nine months until the end of March 2018.

In Vienna on 30 November there will be a meeting of Ministers of oil and energy of all 24 States of the agreement on the reduction of oil production within 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.