After the Ministerial Committee meeting of OPEC+ increased cost of oil

© RIA Novosti / Ilya Petliurite in photobacteria oil. Archival photoAfter the Ministerial Committee meeting of OPEC+ increased cost of oil© RIA Novosti / Ilya Petliurite the image Bank

World oil prices rise on Monday after a Ministerial Committee meeting of OPEC+ in Oman on Sunday and comments of Ministers of oil of Saudi Arabia and Russia according to the results, according to the auction.

As at 8.24 GMT the price of March futures for North sea petroleum mix of mark Brent have grown on 0,29% — to 68,81 per barrel, the price of the March futures for WTI — by 0.22% to 63,45 per barrel.

On Sunday, the Minister of energy of Saudi Arabia Khalid al-falih told reporters that the basic countries-participants of the agreement of the transaction the Vienna OPEC+ agree on the need to continue cooperation and after 2018 — the date of the completion of the Vienna deal. The mechanism has not yet been determined, but there is a consensus to continue cooperation, said al-falih. The Saudi Minister also said he did not doubt that OPEC+ will continue to perform its obligations under the agreement to reduce oil production, and the situation in the oil market will continue to improve.

Russian energy Minister Alexander Novak, in turn, said that OPEC+ upon expiration of the current agreement can continue to operate in a consulting format. The participating countries will meet periodically for consultations on the situation in the oil market, after agreeing on the frequency of such meetings. The number of participants in these consultations can be extended from the current 24 countries involved in 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 last year, OPEC+ decided to extend the agreement before the end of 2018. Sunday in Oman held a meeting of the OPEC Ministerial Committee that was established to monitor compliance with the Vienna agreement and to make recommendations for its improvement. The Committee includes representatives from Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

After the Ministerial Committee meeting of OPEC+ increased cost of oil© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC