Novak held a meeting with Secretary General of OPEC

© RIA Novosti / Vladimir Fedorenkova in fotomancer of energy of Russia Alexander Novak. Archival photoNovak held a meeting with Secretary General of OPEC© RIA Novosti / Vladimir Fedorenkova the image Bank

Russian energy Minister Alexander Novak held a meeting in Vienna with OPEC Secretary General Mohammed Barkindo, reported the energy Ministry of the Russian Federation in its official microblog on Twitter.

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Alexander Novak @novakav1 met in Vienna with OPEC Secretary-General Mohammed Barkindo. pic.twitter.com/xj6CZ6NopB

— The Ministry of energy (@MinenergoGov) 5 Dec 2018

«Alexander Novak met in Vienna with OPEC Secretary-General Mohammed Barkindo», — stated in the message. In Vienna on 5 December will be the meeting of the Ministerial monitoring Committee of OPEC+, which should make for countries-participants of the transaction recommendation about whether and how much to cut oil production to balance the market. Thursday, December 6, the recommendation will discuss the OPEC conference, and then, on December 7, all OPEC countries+.

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. 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%. Recently traders talking about the risk of oversupply of the commodity on the market in 2019. It may encourage OPEC to return to the reduction of oil production.Novak held a meeting with Secretary General of OPEC© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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