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OPEC +: Will the reduction in oil production continue?

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OPEC +: Will the reduction in oil production continue?
August 28
13:00 2017

The authoritative edition of The Wall Street Journal informed the readers that Saudi Arabia and the Russian Federation had raised the issue of extending the agreement on the reduction of oil production by the countries belonging to OPEC +. We are talking about the prolongation of the agreement until the end of June next year.

It is reported that Khalid Al-Falih and Alexander Novak had come to a consensus on this issue during the visit of the Saudi Arabia’s Energy Minister to St. Petersburg. It is also known that the talks are already under way with the OPEC member countries located in the Persian Gulf.

The Venezuelan oil minister plans to visit Russia and Saudi Arabia in the next few days in order to come to an agreement before the meeting of the OPEC + committee in Vienna on September 22.
We recall that the agreement to reduce the production began to operate in late 2016. At present, the current date for the termination of the contract is March 2018.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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