Russia and Saudi Arabia is prepared to extend the freeze of oil production

Россия и Саудовская Аравия готовы продлить заморозку нефтедобычи

OPEC is trying to reduce the world’s fuel reserves

The transaction is proposed to remain in force until the end of March 2018.

Russia and Saudi Arabia is ready to extend the agreement OPEC and non-OPEC to reduce oil production for another nine months until the end of March 2018. This is stated in the joint statement of the Minister of energy Alexander Novak and Minister of energy of Saudi Arabia Khalid al-falikha,Interfax reported.

“The Ministers came to understand that to achieve the main goal of efforts to stabilize the market, bring the total world’s oil reserves to the average over the five years of values, and to confirm the determination of producers to ensure stability, predictability and ongoing development of market – needed the extension of joint voluntary action by the leading oil producers in the nine months to 31 March 2018”, – said in a statement.

Novak and falih stressed that the agreement on the reduction of oil production has led to a gradual reduction of world oil reserves and increasing demand for this raw material in the world.

“The Ministers also expressed optimism that a broader range of countries will appreciate the positive effect of the stabilization of the oil markets and will join the efforts,” – said in a statement.

As reported Корреспондент.netmay 25, OPEC would discuss the issue of extending the agreement to reduce oil production at the next meeting in Vienna.

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

The agreement was signed by all the countries in OPEC, as well as 11 countries outside of the cartel – Russia, Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Mexico, Oman, Sudan, South Sudan, Malaysia.

We will remind, Russia has fulfilled the agreement with OPEC is only 40%.

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