Novak did not rule out extending the current agreement OPEC+

© RIA Novosti / Vladimir Fedorenkova in fotomancer of energy of Russia Alexander Novak. Archival photoNovak did not rule out extending the current agreement OPEC+© RIA Novosti / Vladimir Fedorenkova the image Bank

Minister of energy of Russia Alexander Novak does not rule out extending the current OPEC agreement regarding the reduction of oil production beyond 2018.

«If necessary, not excluded,» — said Novak on the question of journalists, whether there is the option of extending the current agreement OPEC+.

He noted that the new agreement on cooperation OPEC+, which is now under way, could be similar in format to the existing agreement. «In my opinion, much of a difference (current — amended) no, because the doors will be open to all countries who want to participate in this. There will also be regular meetings and monitored the situation tehamiyam. The agreement may just be long term or even indefinite,» said Novak.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand were in Russia. Oil production in Russia in October 2016 was $ 11,247 million barrels per day. From this level, Russia has reduced oil production by 300 thousand barrels per day, up to 10,947 million barrels per day.

The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%. We explained that in practice this will mean increasing production by 1 million barrels per day.

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