Further extension of OPEC+ agreement to be mulled in November

Baku. 22 August. REPORT.AZ/ OPEC+ countries will discuss the extension of the agreement on oil production to be postponed to March 2018 at the next summit in November.

Report informs citing the Bloomberg, Kuwaiti oil minister Essam Al Marzouq said.

The minister said that 24 countries participating in the agreement to cut oil production are planning to lower global oil reserves from the average level of the last five years. However, the implementation of this plan shattered by the shale oil production in the U.S.

Notably, OPEC+ countries extended the Vienna agreement on oil production cut signed on November 30 up to 9 months - until April 1, 2018.