Saudi Arabia and Russia in favor of an extension of the three month agreement on the reduction of oil production

Saudi Arabia and Russia in favor of an extension of the three month agreement on the reduction of oil production, writes The Wall Street Journal, citing sources.

It is noted that if this decision is made, the agreement will remain in force until the end of June 2018.

The publication writes that the question of extending agreements by the Minister of energy of Saudi Arabia Khalid al-falih discussed with his Russian counterpart Alexander Novak at the meeting in St. Petersburg in July of this year.

At the end of November 2016, the Organization of countries – exporters of oil decided to cut production by 1.2 million barrels to 32.5 million a day. 11 countries that are not members of the organization, but also produce oil, have joined the deal. The total reduction amounted to 1.8 million barrels.

25 may 2017 OPEC countries agreed to extend the reduction of oil production for another nine months – until March 2018.

On July 24 in St. Petersburg hosted a meeting of a number of Ministers of the OPEC member countries and representatives of several countries that are not members of the organization.




Saudi Arabia and Russia in favor of an extension of the three month agreement on the reduction of oil production 29.08.2017

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Август 29th, 2017 by
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