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OPEC Extends the Agreement On Limiting Oil Production
November 7, 2017 14:56


The Organization of Petroleum Exporting Countries (OPEC) will extend the agreement on limiting oil production till the end of 2018.

The oil cartel and its leader - Saudi Arabia - will not increase production in the near future, the source of the agency familiar with the policy of Riyadh said. "OPEC, most likely, will not get off the chosen path until the end of 2018. We need commercial reserves to decrease," he said.

OPEC believes that next year the price ceiling for oil will be a mark of $ 60 per barrel, the source added. According to Saudi Energy Minister, Mr.  Khalid Al-Faliha, the balance of supply and demand on the world market continues to recover, and stocks of raw materials are declining.

October 26, Crown Prince of the Kingdom, Mohammed bin Salman Al Saud announced his intention to support the extension of the OPEC Treaty and independent producers on the reduction of oil production. The day before, the head of the Ministry of Energy of Russia, Alexander Novak, said that Moscow was ready to increase oil production by 3.5-4 million tons unless the contract on limiting production was extended.


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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