Novak: 3-5 more countries can join reduction of oil production

Baku. 16 May. REPORT.AZ/ 3-5 more countries can join the agreement to reduce oil production by OPEC and non-OPEC member countries.

Report informs citing TASS, Russian Energy Minister Alexander Novak said.

He has not named the countries but he currently said they are negotiating with them. According to him, oil reserves will decrease by 100-120 million barrels since July 1: "We will review the performance of May and June."

Notably, on November 30, 2016 OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Veinna 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels.

The agreement was concluded for the first quarter of 2017. Extension of agreement or taking another decision will be decided at next OPEC's Ministerial Council 172nd meeting in Vienna, May 25, 2017.