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Oman would support the extension of the agreement to reduce oil production

Russia and Saudi Arabia made a statement about the need to extend the term of the agreement OPEC and non-cartel countries on the reduction of oil production for another 9 months, until April 2018, supported by Oman.

15.May.17 10:45 AM
By Christina Orlina


Oman would support the extension of the agreement to reduce oil production
In particular, this was stated by the Minister of oil and gas Mohammed Hamad Al-Rumhi, whose words are quoted by Reuters. "Oman fully supported the proposal of Saudi Arabia and Russia continue to reduce the volume of oil production in the world until the end of the first quarter of 2018,"- he said.

We will remind, in the end of last year OPEC countries and another 11 States not members of the organization, including Russia, agreed to reduce oil production to stabilize world oil market. So, OPEC has pledged to cut oil production by 1.2 million barrels per day from the level of October 2016, and not members of the cartel countries - 558 thousand barrels per day. As the leader of OPEC Saudi Arabia has pledged to produce less than 500 thousand barrels per day, Russia 300 thousand barrels a day. The agreement between the countries-producers signed for the first half of 2017, with the possibility of further extension. Whether this agreement is extended, will be known on May 25, when next Ministerial session of the OPEC countries will be held in Vienna.

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