Algeria wants to extend OPEC+ agreement

Baku. 19 October. REPORT.AZ/ OPEC should extend the deal on curbing the oil output. 

Report informs, the statement was made to Wall Street Journal by Ould Kaddour Abdelmoumen, President of Algerian state oil and gas company "Sonatrach", at the oil and money conference in London.

Prior to Algeria, Venezuela and Iran came up with this suggestion. Saudi Arabia said they are not against that. Among non-OPEC states Russia also expressed reediness for extension of the deal.

Kaddour said the deal should be extended at least for six months it means till the end of September 2018: “The deal signed last year on cutting the production allowed us to increase the oil price from 28 dollars per barrel which was the lowest minimum in the last 10 years. Nevertheless, surplus oil did not melt away. The reserves are still high."