OPEC will develop a mechanism for permanent cooperation, said Kuwait

© RIA Novosti / Alexei Vitvitskiy in fotobanka OPEC. Archival photoOPEC will develop a mechanism for permanent cooperation, said Kuwait© RIA Novosti / Alexei Vitvitskiy the image Bank

The organization of countries-exporters of oil (OPEC) plans to develop a mechanism for ongoing cooperation with parties to the transaction to reduce oil production during 2018, and then to discuss it with countries outside of OPEC, said in an interview with RIA Novosti, the Minister of oil of Kuwait Bakhit ar-Rashidi.

«Seeing the benefits of our cooperation in 2017, we are interested in the countries of the OPEC and independent producers preserve and develop cooperation, and we think the best way is to create a «permanent» structure, which will be the cornerstone of such cooperation in the future, if the market will once again require our intervention. This is discussed in OPEC at the level of representatives, and the ideas will be formulated within this year to transfer them to Ministers for approval. Then it will discuss with countries, non-OPEC,» explained ar-Rashidi.

In late January, Russian energy Minister Alexander Novak said that the country’s OPEC agreement+ upon the expiration of the transaction on the reduction of oil production going again in six months or a year to hold joint consultations with the involvement of other countries.

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.

OPEC will develop a mechanism for permanent cooperation, said Kuwait© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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