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The Treaty on the reduction of oil production will be extended for another six months

While no violations were found.

27.Mar.17 2:50 AM
By Catherine Brooke


The Treaty on the reduction of oil production will be extended for another six months
Sunday, March 26, it became known that the Treaty on the reduction of oil production can be extended. Information about this appeared in the message of the organization of exporting countries of OPEC. Partners will consider the option of extending the reduction of hydrocarbon production for six months in April this year.

It should be noted that the specific violations in the performance commitments of the monitoring Commission in the countries-oil producers have not been identified.

The countries-OPEC has complied with the terms of the agreement, applicable as from 1 January 2017 at 106 percent. Countries that have signed the Treaty but not members of the cartel, has fulfilled the conditions of the contract for 94 percent.

Recall all the OPEC countries and several States involved in the export of oil, at the end of last year signed an agreement to reduce the level of oil production to 1.8 million barrels per day. Yet the expiry date of the contract called the June this year. This was done to increase world prices for black gold. According to the Russian economists, oil producers do not lose and even win on this contract. The price of hydrocarbons goes up, and therefore, Industrialists will get more profit at minimum cost.

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