OPEC+ do not discuss an increase in the reduction of oil production, said in the UAE

© AFP 2017 / Ryad KramdiУчастники International energy forum. archival photoOPEC+ do not discuss an increase in the reduction of oil production, said in the UAE© AFP 2017 / Ryad Kramdi

Oil-producing countries inside and outside OPEC do not discuss the increase in reductions of oil production in the framework of the Vienna deal (OPEC+), said the UAE energy Minister Suhail al-mazroui.

«The current oil price is logical, given the state of supply and demand at the moment. Global demand this year — a healthy and has surpassed all expectations, and we expect that it will continue to grow next year», — quotes Bloomberg words of the Minister.

Al-mazroui also said that the oil market still has excess reserves of oil in the amount of 158 million barrels, which should be reduced.

He stressed that the oil-producing OPEC countries+ it is necessary to extend the deal after the first quarter of 2018.

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.

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