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

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


Next Previous

You might also find interesting:

Transaero Declared Bankrupt U.S. and Russia to Discuss Adoption and Visa Official Distributors of Microsoft in Russia Introduced New Restrictions The fastest way to become rich or a story of kidnapped Kaspersky's son Nikita Mikhalkov Knows How to Save Russia

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
Novgorod Region  Political Poster  Russian Cinema  Ryazan  Mercedes-Benz Fashion Week Russia  Moscow  Kantemir  Christmas  MTS   Russian singers  Andrey Zvyagintsev  Dmitry Krymov  Russian business  Tretyakov Gallery  Russian holidays  Art Dolls  Maly Theatre  Daniel the Traveller  the Bolshoi Theatre  RFID  Stage Design  National Reserve Bank  Russian tourism  Dolls  Republic of Ingushetia  Russian airlines  Russian journalists  Russian football  Multimedia Art Museum  Ski-track of Russia  Exhibitions in Moscow  Andrei Biljo  Censorship  Russain gas companies   FIFA World Cup  Russian Literature  Moscow hotels  Monuments of Architecture  Archeology  Life Saving  Painting  Contemporary Writers  Steve Jobs  scientific research  Yekaterina Maksimova  Russian history  Russian sculptures  Altair Mountains  Zoo  Izhevsk 

Travel Blogs
Top Traveling Sites