Novak: Almost all OPEC countries favor OPEC+ deal extension

Baku. 27 November. REPORT.AZ/ "Almost all OPEC+ countries are for the extension of production cut deal”. 

Report informs citing the Russian media, Russian energy minister Alexander Novak said.

"We positively achieve goals in the framework of the agreement. We see that more than 50% of oil reserves are out of the market and oil price stabilizing and the price of Brent crude has risen to $ 60 per barrel or above. Nevertheless, we have not yet reached the end of the target on market balance. Now almost all countries favor the prolongation of the agreement to reach the ultimate goal”.

Notably, on November 30, 2016, the 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, have 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 till first half year of 2018 or taking another decision will be decided at next OPEC's Ministerial Council 172nd meeting in Vienna, May 25, 2017.