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The deal on was oil extended, but prices are falling



The Ministers of OPEC and the countries not members of the organization, but involved in the transaction to reduce oil production, to extend the restrictive agreement for another 9 months before the end of March next year.



28.May.17 1:12 PM
By Christina Orlina
Photo Toinnov.com

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The deal on was oil extended, but prices are falling
The Ministers of OPEC and the countries not members of the organization, but involved in the transaction to reduce oil production, to extend the restrictive agreement for another 9 months before the end of March next year. This decision was taken on Thursday at a meeting in Vienna. Oil-producing countries hope that this step will stabilize the oil reserves on the market. The agreement is valid until the end of June, a desirable balance is to reach not allowed, so its extension experts believed was inevitable.

“Any expansion of supply, whether from Russia, Saudi Arabia or from shale producers in the U.S., will reduce the effect of production cutbacks by OPEC members is likely to extend the excess supply that we saw in the oil markets, not only to the next but to 2019”, – said the British analyst.

Investors had hoped not only to extend the agreement, but the additional cuts in output markets raw materials, but they were kept at the level of 1.8 million barrels per day. The price of oil grade Brent fell in the end by Thursday evening more than 3% to 52 dollars per barrel.



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