Iraq prevents oil price growing

Baku. 23 May. REPORT.AZ/ The decision to extend the term of the Vienna agreement signed on November 30, 2016 between OPEC and 11 non-OPEC countries to cut production almost been agreed between all parties. 

Report informs citing the Forexpf.ru, according to representative of Saudi Arabia, participants of the summit does not object to the extension of agreement by 9 months. However, 1 day prior to the summit Iraqi side said it will only support extension of the agreement for just 6 months.

The announcement issued by the head of SOMO oil company Falah Alamri at today’s conference in London. Notably, Alamri spoke on behalf of the Minister of Energy. As a result of unexpected news, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih flew to Baghdad. It also caused the reduction in oil prices. Currently, Brent crude oil decreased by 0.5% to $ 53.60/barrel.

Notably, terms of the new Vienna agreement will be known after 2-day meeting on May 25.