OPEC+ no plans to change the parameters and terms of the transaction

© RIA Novosti / Alexei Vitvitskiy fotobanka in the building of OPEC in Vienna. Archival photoOPEC+ no plans to change the parameters and terms of the transaction© RIA Novosti / Alexei Vitvitskiy the image Bank

The member countries of the OPEC agreement regarding the reduction of oil production do not consider the options of changing the date of the transaction or its parameters on the background of high oil prices, said OPEC Secretary General Mohammed Barkindo.

«At the moment I have not heard such. We are now working to implement the deal before the end of the year», — he answered the corresponding question.

He added that the meeting of techamerica monitoring of the Vienna agreement was «excellent».

This Sunday there will be a Ministerial meeting of oil-producing countries to monitor the implementation of the transaction OPEC+.

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 the level of October 2016, of which 300 thousand are in Russia. In November 2017, the parties extended it until 2018. The next OPEC summit will be held on 22 June 2018 in Vienna.

To monitor compliance with the agreement and make recommendations for the adjustment of its conditions were created by the Ministerial monitoring Committee, which meets once in two months. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia. The implementation of the agreement following a technical Committee consisting of experts from the Ministerial Committee. He’s going each month.OPEC+ no plans to change the parameters and terms of the transaction© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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