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Russia and Saudi Srabia called for the renewal of the deal on the reduction of oil production at 9 months



Russia and Saudi Arabia, key members of the agreement to reduce oil production, encourage others involved in the process of state to extend the deal for another 9 months before the end of March next year.



16.May.17 7:43 AM
By Christina Orlina
Photo Toinnov.com

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Russia and Saudi Srabia called for the renewal of the deal on the reduction of oil production at 9 months
This is stated in the joint statement of Ministers of energy Alexander Novak and Khalid Al-Falih made on the sidelines of the forum “One belt and one road” in Beijing. “We came to the conclusion that the agreement should be extended, we will not achieve the desired level of reserves by the end of June,”- said Al-Falih.

“We believe that the extension until at least 1 April next year, it is advisable in order to continue our work aimed at achieving stability in the markets,”- said Novak.

The Ministerial statement led to a rise in prices for “black gold”. The price of a barrel of Brent grade increased by 3%, surpassing the mark of $ 52. The question of the extension of this agreement, the parties will consider, on 24 May in Vienna.



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