Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

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


Next Previous

You might also find interesting:

Foreign Investors Withdrew More Than 1.6 Billion Dollars From Russian Stocks Rosneft Conducts Legal Analysis Of Sanctions Putin Will Meet Park Geun-hye In Vladivostok Beware: High Treason Round the Corner Paper Review: Gudkov's Banishment

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
Russian history  Moscow  Russian officials  Zeya  Paralympic Winter Games  hostels  Roshen  Painting  Voronezh   Katsuhito Nakazato  Vuchetich  Exhibitions in Moscow  Russian roads  Borovichi  Russian business  Moscow airports  Fires  Zheleznogorsk (Krasnoyarsk Krai)  Russian Literature  Vivacello  Yaroslavl   Russian tourism  retail chains  Mercedes-Benz Fashion Week Russia  the State Museum of Literature  Museum Fund of the Russian Federation  Archeology  LGBT in Russia  Russian festivals  Spartak Moscow  Smiles  Russian airlines  Russian prisoners  Ilya Shiyan  Giles Deacon  The Baikal  Primorsky Territory  Vandalism  Heavenly Hundred  Inza  Aeroexpress  Russian Cinema  incident  Natalia Vodianova  Mikhail Khodorkovsky  Russian human rights activists  Russian customs  Baskunchak Lake  Joseph Stalin  fashion weeks 

Travel Blogs
Top Traveling Sites