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Bloomberg found out about the discussion of OPEC on extending the transaction to reduce production



A number of OPEC countries discussed not only the extension of the deal for oil production, but also the idea of increase stipulated in the Vienna deal of reduction of oil production.



13.May.17 11:40 AM
By Christina Orlina
Photo Toinnov.com

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Bloomberg found out about the discussion of OPEC on extending the transaction to reduce production

A number of OPEC countries discussed not only the extension of the deal for oil production, but also the idea of increase stipulated in the Vienna deal of reduction of oil production.

As the newspaper notes, the decision will be agreed at the OPEC meeting on 25 May.

Earlier, on 8 May, Alexander Novak, the Minister of Energy of Russia said that the countries exporters of oil have already implemented a plan to reduce oil production. According to him, the initiative to stabilize the world oil market proved its effectiveness. "The extension for a longer period will help to expedite the return of markets to a more healthy state," - said the Minister.

The Minister added that the trend in the decline of commodity stocks of oil and oil products will persist. Novak stressed that reinforces this trend is the sharp decline in stocks in floating storage tankers, where since the beginning of the year stocks of oil fell "more than a third".




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