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Russian rating agency expects 0.7% reduction of world oil supply due to OPEC agreement

September 30, 10:44 UTC+3 SOCHI
On September 28, OPEC member-nations reached an agreement to limit the average daily oil production by 32.5 mln barrels
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© AP Photo/Hasan Jamali

SOCHI, September 30. /TASS/. The Russian Analytical Credit Agency (ACRA) predicts a reduction of world oil supply by 0.7% due to OPEC's agreement, agency’s CEO Ekaterina Trofimova told TASS on the sidelines of the Sochi International Investment Forum 2016.

According to her, oil prices in the coming year will remain in the current range with possible volatility.

"The decision will reduce the supply of oil by 0.7% according to our estimated," she said. "According to ACRA forecasts, the level of prices in the possible high volatility will remain in the current price range," she added.

Trofimova noted that OPEC agreement will have a limited effect on oil prices. "Let’s not forget that with growth of oil prices US producers will become more active, which will put downward pressure on oil prices," she said.

On September 28, OPEC member-nations reached an agreement to limit the average daily oil production by 32.5 mln barrels. The Organization will discuss production limits of each member-nation at the next meeting in November, according to the Reuters’ source.

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