OPEC proposes extension of Vienna agreement for 9 months

Baku. 24 May. REPORT.AZ/ OPEC and non-member countries have proposed to Vienna agreement on production cut for another 9 months.

Report informs citing the Bloomberg, one of the members of Monitoring Committee who requested anonymity has said at today's meeting in Vienna.

Notably, monitoring committee includes 5 countries: Algeria, Kuwait, Venezuela, Russia and Oman. The last two countries are not OPEC members.

Analytical Group of Report says, the news caused decline in oil prices down to $ 54/barrel: "If the summit ends with agreement to extend production cut for next 9 months, the decline in oil prices will go down to 50 USD/barrel. It is important to reduce production quotas to raise prices a bit".