OPEC ready to extend Vienna agreement without Russia's support

Baku. 27 April. REPORT.AZ/ OPEC may decide to extend the term of production cut agreement, even if Russia, for its part, refuses to prolong the transaction.

Report informs citing RIA Novosti, Angolan oil minister José Maria Botelho de Vasconcelos said on the sidelines of the International Petroleum Summit in Paris.

The validity of the Vienna agreement expires on June 30. The participating countries will presumably extend it for 3-6 months at a meeting on May 25. According to the OPEC report, the prolongation of the agreement for another 6 months will lead to stability in oil market.

Notably, after statement by Vasconcelos Brent fell by 2% - to 51,4 USD/barrel.

There is a possibility of price fall below 50 USD/barrel.