OPEC+ may change terms of agreement at any time

Baku. 29 May. REPORT.AZ/ Terms of Vienna agreement on May 25 to cut oil production of OPEC and non-OPEC members may change at any time.

Report informs citing Reuters, Russian Energy Minister Alexander Novak told reporters: "Monitoring group may discuss the situation any time, if we fail to cut production in the global oil market. In normal conditions, the monitoring group gathers every two months".

Notably, on May 25, OPEC and non-OPEC members adopted a decision to extend period of November 30 Vienna agreement on production cut until late March, 2018. However, this decision did not meet the expectations of the oil market participants. They suppose stabilization of oil prices as a result of large-scale measures. Therefore, oil prices dropped nearly by 5% after the decision. However, A.Novak's statement and forecasts on sharp decline in US oil reserves this week caused temporary stability. Currently, Brent crude oil is sold at 52.5 USD/barrel, WTI 49.7 USD/barrel.