Russia is ready to discuss the extension of the agreement with OPEC after 2017

MOSCOW, may 8. /TASS/. Russia is ready to discuss the renewal of the agreements with OPEC after 2017, reported RIA Novosti citing Minister Alexander Novak.

“Russia expresses its solidarity with the efforts of partners in rebalancing the market and believes that the joint initiative to stabilize the world oil market is currently effective. We discuss various options and believe that the extension for a longer period will help to expedite the return of markets to a more healthy state”, – reads the statement of the Minister.

According to him, the countries-exporters of oil, which signed an agreement on production cuts that have already reached the required amount of reducing the level of oil extraction.

“We see high discipline among the participants, who together have already reached full compliance with previously identified parameters, namely, the voluntary reduction in production by about 1.8 million barrels per day to the level of October. 100% satisfaction and sezonale rising demand should strengthen the already good effect of the initiative over the next months,” he said.

According to Novak, world oil reserves have already started to decline in March in the future this process will be accelerated, that will contribute to the balancing energy market. So, in the floating storage stocks year-to-date by more than a third.

“The growth of shale producers more than kompensiruet growth in oil demand (daily average of 1.3 million barrels) and cumulative production decline in a number of countries about 1.8 million barrels per day,” – said in a statement.

Earlier Novak said that Russia is inclined to extend the agreement for another six months. A meeting of OPEC and outside of OPEC participating in the agreement, will be held in Vienna on 24-25 may.