OPEC agreement on output cutting may be extended to end of 2018

Baku. 24 May. REPORT.AZ/ The two-day Vienna summit with OPEC and 11 non-OPEC member countries to reduce oil production that has started today, will also discuss the extension of term of the previous agreement by the end of 2018.

Report informs citing the Investing.ru, Minister of Energy of Algeria Nureddin Buterfa told reporters.

Minister stressed that the base version of discussions is to extend agreement for 9 months. According to N. Buterfa, everything will depend on change in the volume of global oil reserves.

In addition, UAE energy minister Suhail Mohammed Faraj Al Mazrouei does not support an option to extend agreement until the end of 2018: “It's not a good idea”.