A new meeting of oil-producing countries will be held in Russia


In Russia March 20 will host a meeting of oil-producing countries. About it reports Bloomberg with reference to the oil Minister of Nigeria Emmanuel Cacique.

“We’re starting to see that oil prices are rising very slowly,” said Cacique. He noted that if the members of OPEC and outside the organization the country will convene for a new meeting, “we should see a significant change in price [of oil]”. Cacique stressed that oil-producing countries consider the target level of the oil price of $50 per barrel.

“And Saudi Arabia, and Russia — all come back to the negotiating table”, — concluded Cacique.

February 16, representatives of the ministries of energy of Russia and OPEC countries (Qatar, Saudi Arabia and Venezuela) held a meeting, which decided to freeze oil production at the level of 11 January.

It was reported that in the future may follow the following steps to stabilize prices “in the next few months.” Later the idea to freeze oil production was supported by Nigeria. At the same time to the agreement refused to join Iran.

OPEC includes 13 countries producing oil; the largest — Saudi Arabia, Venezuela, Iran and Iraq. The aggregate production of OPEC countries rose for 2015: average production increased during the year with approximately 31,85 million to 32.2 million barrels. a day. Production of countries outside OPEC (including Russia), during the year, did not grow, but hovered around 57 million barrels. a day. Russia, on the contrary, during the year, increased production from 10.74 million to 10,88 million barrels. a day.