OPEC agreed to extend the freeze of oil production

В ОПЕК согласились продлить заморозку нефтедобычи

OPEC agreed to extend the freeze of the level of oil production

Finally, OPEC will discuss the issue of extending the agreement of may 25 at the next meeting in Vienna.

The Minister of oil of Iraq Jabbar al-Laibi sail that OPEC agreed and oriented to extend the agreement to freeze production levels of oil, RIA Novosti reported.

On 30 November last year, OPEC agreed to cut oil production by 1.2 million barrels a day. The agreement was concluded for the first half of 2017 with possibility of extension.

“There is a consensus orientation for the extension as this will lead to the stabilization of prices, which will be reflected positively on the Iraqi budget,” he said.

The Iraqi Minister also confirmed that OPEC will discuss the issue of extending the agreement of may 25 at the next meeting in Vienna.

Recall that in early March, the International energy Agency said
Russia is not fulfilling the agreement with OPEC.

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