Media: a number of OPEC countries to discuss an even greater decline in production


MOSCOW, may 8. /TASS/. Some OPEC countries to discuss not only the extension of the current agreement to reduce oil production, but even more radical decrease of production volumes. This was reported by Bloomberg with reference to unnamed sources.

They noted that consultations were private, and refused to clarify whether or not the producers of any arrangement.

OPEC meeting on November 30, 2016 in Vienna agreed to reduce its production by 1.2 million barrels a day from October level – up to 32.5 million barrels. Non-OPEC 11 countries on 10 December agreed on a reduction of its production a total of 558 thousand barrels per day. The agreement was concluded for the first half of 2017.

24 and 25 may in Vienna, the participants of the transaction on the reduction of oil production will consider the extension of the agreement on production cuts. According to Reuters, the OPEC scenarios, an extension of the transaction have options to renew for a period of six months to a year.

Source