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OPEC Exceeds Its Plan In Reducing Oil Production
November 8, 2017 23:38


The Organization of Petroleum Exporting Countries (OPEC) in October exceeded its plan to reduce oil production by five percent. This is informed in the OPEC report. At the same time, the volume of stocks in the OECD countries (a club that includes virtually all developed countries) declined by 83 million barrels in the first 9 months of 2017. For comparison, over the same period in previous year, this indicator was registered at 35 million barrels.

According to Reuters, OPEC will extend the agreement on limiting oil production to the end of 2018. In OPEC, it is suggested that next year the price ceiling for oil will be a mark of $ 60 per barrel.

In October, 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 if the contract on limitation of oil production was not prolonged.

In 2016 OPEC and independent producers including Russia agreed on decrease in oil production by a half of year. This May the members of the agreement decided to prolong the production limit till March 2018. 


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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