Tuesday, May 16, 2017

Russia and Saudi support reduction of oil production until 2018

The two largest oil producers, Russia and Saudi Arabia, announced in a joint statement that are favorable to the expansion of the production reduction agreement until March 2018. The announcement followed a meeting in Beijing between Russian Energy Minister Alexander Novak, and your fellow Saudi, Khaled Al-Faleh. The next meeting of the Member countries of the Organization of petroleum exporting countries (OPEC) will take place on May 25. "The two Ministers agreed on the need for a stabilisation of the market, to extend the agreements for nine more months, until 31 March 2018," said the joint statement. Russia and Saudi Arabia plan to consult the other oil-producing countries before May 25 to "reach a total consensus" on the extension of the agreement, complete the text. OPEC and other 11 countries, including Russia – who is part of the Organization, pledged to reduce production by 1.2 million bpd for six months since January, with the hope of sustaining oil prices recorded fall by oversupply.
AFP - 15/05/2017 News Item translated automatically
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