Date: 10 months ago   Category: Energy

Energy Minister: The OPEC will reach 100% execution of the transaction in the fall — Rambler News Service


Photo: Artem Geodakyan / TASS the Energy Minister of the Russian Federation Alexander Novak has said that the countries of OPEC can reach 100% performance of the agreement in September-October. "I think that we can reach such level (100%. — RNS) in September-October" — TASS quotes the minister. According to Novak, in August the countries of OPEC have executed the transaction on reduction of oil production for 129%. The minister has added that Russia can not only restore oil production to the level of October, 2016, but also increase it. At the end of November, 2016 in Vienna there has taken place the summit of OPEC where member countries of cartel have reached the agreement on reduction of oil production on 1,2 million barrels a day — to 32,5 million barrels and also have defined quotas for organization member countries. Later 11 independent producers including Russia have joined the transaction. Independent producers have signed the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017. The agreement has come into force on January 1, 2017 and half a year worked. On May 25, 2017 at another meeting of the countries of OPEC and independent producers the decision to prolong operation of the agreement for nine months — until the end of the I quarter 2018 has been made. On November 30, 2017 the agreement has been prolonged until the end of 2018.

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