Novak held a meeting with Minister of energy of Saudi Arabia

© RIA Novosti / Eugene to Novostinearly in fotomancer of energy of Russia Alexander Novak. Archival photoNovak held a meeting with Minister of energy of Saudi Arabia© RIA Novosti / Eugene to Novostinearly the image Bank

Minister of energy of the Russian Federation Alexander Novak held a meeting with the Minister of energy, industry and mineral resources of Saudi Arabia, Khaled al-Valicom in Vienna, said the Ministry of energy of the Russian Federation in the official account on Twitter.

«The Minister met with the Minister of energy, industry and mineral resources of Saudi Arabia, Khaled al-Valicom», — stated in the message.

Minister @novakav1 met with the Minister of energy, industry and mineral resources of Saudi Arabia, Khaled al-Valicom pic.twitter.com/oMcQbxzjhv

— The Ministry of energy (@MinenergoGov) 21 Jun 2018

Novak in the second half of the day Thursday arrived in Vienna to attend a meeting of the Ministerial monitoring Committee of OPEC+. It is planned that it will start at 19.00 GMT. Thus, the meeting between Novak and al-falikha was held immediately before the discussion of the monitoring Committee of the OPEC of the future transaction+.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The deal started from the beginning of 2017 and was extended twice, most recently until the end of 2018. On Friday in Vienna will be a meeting of OPEC countries, and on June 23 — a meeting of all 24 countries of the agreement on OPEC+.

As expected, these meetings will discuss the possibility of increasing the production. The reason for this are fears of a shortage of oil on the market that supports prices in the range of 70-80 dollars per barrel. Thus the actual reduction of oil production OPEC+ recently exceeded the levels of agreements by approximately 1 million barrels. Russia and Saudi Arabia offered to increase production OPEC+, in particular Russia — to 1.5 million barrels per day in the third quarter.

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