Saudi Arabia will not extend OPEC's decision to cut oil production

Baku. 10 March. REPORT.AZ/ Saudi Arabia has appealed to US shale oil producer. Report informs citing the İnvesting.ru, Saudi Arabia officials speaking at "CERAWeek" conference in the city of Houston said that they will not extend decision of OPEC and non-member countries adopted in Vienna on November 30 to reduce production.

Notably, this decision was taken for 6-month period and ends on June 30.

In addition, the conference chairman Mohammed Barkindo met with hedge funds and shale oil producing companies.The issue of reducing production discussed at the meeting. Notably, according to the indicators of oil reserves announced this week, the highest growth was recorded in past 35 years.

Traders fear that oil reserves and production growth observed in the United States, Canada and Brazil can be more than the volume reduced by OPEC and non-OPEC countries.

Analysts expect raise in daily oil production in US by 330-660 thousand barrels.