Date: 9 months ago   Category: Energy

The OPEC expects to determine till December parameters of the new agreement of OPEC — Rambler News Service


The OPEC expects to determine parameters of the new agreement of the organization and the countries (OPEC) which aren't entering into cartel till December, 2018, the secretary general of OPEC Mohammed Barkindo at the energy forum organized by the Gulf Intelligence company has reported. "Our purpose — to create a basis for longer cooperation of OPEC by December", - Barkindo whose words are cited by Gulf Intelligence has told. 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. In March the Reuters agency with reference to the crown prince of Saudi Arabia Mohammed bin Salman reported that Russia and OPEC study a possibility of the conclusion of the long-term cooperation agreement in the oil market - for a period of 10 up to 20 years.

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