In the end of 2016, OPEC countries and producers outside the oil cartel concluded an agreement to cut oil production
The meeting of the OPEC + monitoring committee will be held on September 21 in Vienna, Russian Energy Minister Alexander Novak said in an interview with RBC TV channel.
“We monitor the situation every two months, we gather with ministers from the OPEC and non-OPEC states to assess how the agreement works, its impact on the market, how the market is balanced. The next meeting is scheduled for September 21 in Vienna,” he said.
Novak also noted that it is too early to decide on extension of the oil production cut deal.
“We proceed from the fact that the market is getting balanced, that we still get the effect, we see stable prices at around $50, less volatility, a reduction in inventory balances. About 350 million barrels for the first half of the year have been removed from the market,” he said.
In the end of 2016, OPEC countries and producers outside the oil cartel concluded an agreement to cut oil production. Under the agreement, the participants should cut production by 1.8 million barrels compared to October 2016. The deal is valid until the end of March 2018.