Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

OPEC Extends the Agreement On Limiting Oil Production
November 7, 2017 14:56


The Organization of Petroleum Exporting Countries (OPEC) will extend the agreement on limiting oil production till the end of 2018.

The oil cartel and its leader - Saudi Arabia - will not increase production in the near future, the source of the agency familiar with the policy of Riyadh said. "OPEC, most likely, will not get off the chosen path until the end of 2018. We need commercial reserves to decrease," he said.

OPEC believes that next year the price ceiling for oil will be a mark of $ 60 per barrel, the source added. According to Saudi Energy Minister, Mr.  Khalid Al-Faliha, the balance of supply and demand on the world market continues to recover, and stocks of raw materials are declining.

October 26, Crown Prince of the Kingdom, Mohammed bin Salman Al Saud announced his intention to support the extension of the OPEC Treaty and independent producers on the reduction of oil production. The day before, the head of the Ministry of Energy of Russia, Alexander Novak, said that Moscow was ready to increase oil production by 3.5-4 million tons unless the contract on limiting production was extended.


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

Next Previous

You might also find interesting:

How to Open IE in Russia if You are a Foreigner Iran Is Interesed In Investing In Dagestan Projects Ukraine Suspends Railway Communications With the Crimea How to Find a Good Lawyer in Russia: Steps to Follow No Billionaire Can Eclipse Roman Abramovich

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Festivals in Moscow  Stalin's bunker  travel to Russia  Russian Cinema  crime  Russian tourism  National Russian Dishes  St. Petersburg  North Caucasus  Pop Music   Russian Geographical Society  Kotelnich  Spring-Summer 2014  Mercedes-Benz Fashion Week Russia  Moscow airports  barbecue  train tickets Russia FIFA  AAR  Kalinigrad Region  fashion designer  Novorossiysk  Russian communism  Russian business  music  Russian transportation  Russian fountains  Mikhail Pletnev  AvtoVAZ   Moscow Architecture  Kopeysk  Russian circus  Patriarshy Garden  Rock Music  ROSCOSMOS  Legal Services in Russia  Vladivostok time zone  Russian Theater  Mikhail Bulgakov  Anna Netrebko  Exhibitions in Moscow  Russian army  Russia international  Moscow  EU sanctions  Nizhny Novgorod  medicine  Russian export  Russian regions  Kemerovo Region  Nikolay Dostal 

Travel Blogs
Top Traveling Sites