Novak: almost all OPEC countries+ approve the extension of the deal on production cuts

© AFP 2017 / Ryad KramdiУчастники International energy forum in Algeria. 27 Sep 2016Novak: almost all OPEC countries+ approve the extension of the deal on production cuts© AFP 2017 / Ryad Kramdi

Almost all OPEC countries+ in favor of the extension of the deal on the reduction of oil production, said Russian energy Minister Alexander Novak.

«As for the agreement, positively now achieved the goals that were set in the framework of the signing of this agreement. We see that the market has left approximately 50% of the surplus oil reserves, we see that the price of (oil — ed.) has stabilized and came to a fairly acceptable level of around 60 and above per barrel of Brent…. However, we have not reached before the end of the target on the balancing market and today almost all (countries — ed.) beyond what is necessary to extend still further the transaction in order to achieve the final goals,» said Novak in an interview with RBC.

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 in October last year, 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.

In Vienna on 30 November there will be a meeting of Ministers of petroleum and energy States of all 24 of the agreement, within and outside of OPEC. It is aimed to discuss the further extension of the deal. 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 the adjustment of its conditions, which includes representatives of only six countries in the agreement — Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

Novak: almost all OPEC countries+ approve the extension of the deal on production cuts© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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