Photo: Shamil Zhumatov / Reuters
Moscow stands for the extension for six months of the agreement with the OPEC countries to limit oil production. Russia is satisfied with the rate of decline in world stocks, told Bloomberg government official
Russia considers it appropriate to extend a deal with the Organization of countries-exporters of oil (OPEC) on voluntary restriction of output by at least 6 months. About it Bloomberg on condition of anonymity, said the Russian government official familiar with the negotiations.
The source also said that Russia, as of 1 may have cut production by more than 300 thousand barrels per day against the level of October 2016. Moscow intends to maintain the current production levels in June, reports the publication.
The official said that Moscow is satisfied with the reduction in the commercial world reserves. Although some countries increased the volume of production, it kompensiruet demand growth and a good level of discipline to reduce the production countries-participants of the agreement.
In April, Deputy Prime Minister of Russia Arkady Dvorkovich said that Moscow expected the agreement to reduce oil production increase in the world prices to $60 a barrel, but this did not happen. However, he noted that the agreement had improved the situation on the market. Then you comment on the prospects of extending the agreement he refused.
The OPEC countries peaked in November 2016 agreement to reduce oil production in the amount of 1.2 million barrels a day. To support the agreement decided and outside the organization, including Russia. They agreed to cut their production a total of 558 thousand barrels per day. At the summit, scheduled for may 25, OPEC members may extend the term of the agreement.
As of 13:00 GMT on 3 may, a barrel of Brent oil cost $50 per barrel, WTI — $48.