Russia and the Saudis want to extend the freeze of oil production

РФ и саудиты хотят продлить заморозку нефтедобычи

The country has urged other member countries of the OPEC deal to implement this initiative.

The largest oil producers Russia and Saudi Arabia insist on extending the agreement to reduce oil production for another three months – until the end of June 2018. This is with reference to sources familiar with the situation, the newspaper The Wall Street Journal.

To implement this initiative, Moscow and Riyadh, according to interlocutors of the edition, has urged the remaining member countries of the OPEC deal, as well as a group of independent countries-oil producers, have joined this agreement (OPEC+).

According to two sources, the WSJ, the proposal to extend the deal to reduce oil production, Minister of energy of Saudi Arabia Khalid al-falih discussed with his Russian counterpart Alexander Novak in July, at a meeting in Saint Petersburg during the previous meeting of the Committee for monitoring the implementation of this agreement.

After that, both Ministers that, as the paper notes, are “the most influential figures among the representatives of the countries-oil producers involved in OPEC+, lobbied for support of the initiative on the extension of this agreement” among the rest of the participating countries, and discussed this initiative with the countries of the Persian Gulf members of OPEC.

The details of these negotiations, the sources said.

We will remind, on may 25 at a meeting in Vienna, OPEC members agreed to extend the agreement to reduce oil production in the nine months to the end of the first quarter of 2018.

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