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    Venezuelan president announces extension of OPEC+ deal

    OPEC did not comply with quota in August© REUTERS/ Miraflores Palace

    Baku. 13 September. REPORT.AZ/ The agreement between OPEC countries and oil producers outside the cartel to cut oil production is likely to continue after March 2018. 

    Report informs citing the Vesti Economics, President of Venezuela, Nicolas Maduro stated.

    Maduro said that he discussed this issue with his Iranian counterpart Hassan Rouhani. He also noted that the opportunities for extending the agreement "are very favorable," the Reuters writes. According to him, the meeting of energy ministers will take place in Vienna on September 20, and the conditions are available for the consolidation of this agreement, taking into account production and regulation of the market”.

    Notably, in August OPEC reduced production by 79.1 thousand bpd in comparison with July, amounting to 32.755 mln bpd. However, this exceeds the OPEC quota of 32.5 mln bpd.

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