Vladimir Drebentsov: Probably OPEC will extend again its crude oil output cut

Baku. 25 October. REPORT.AZ/ OPEC's decision to cut oil production (OPEC+ deal) is likely to extend again after March 2018.

Report informs, BP chief economist for Russia and CIS, Vladimir Drebentsov has said.

He noted that in the event of extension of this agreement, several modifications should be made: "All member states could not fulfill the decision on oil output cutting. It is known that Libya and Nigeria were compromised. As a result, Libya increased production by 1 mln barrels”.

"If a decision is made by OPEC to extend its crude oil output cuts after March 2018 meeting, quota regime must be applied in Nigeria and Libya," he said.