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OPEC, Russia have not yet agreed oil production cut

October 18, 2016, 18:22 UTC+3 LONDON

OPEC Secretary-General has confirmed the sonsultations are still ongoing

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© Viktor Drachev/TASS

LONDON, October 18. /TASS/. OPEC and Russia have not yet agreed Russia’s oil production cut, OPEC Secretary-General Mohammed Barkindo told journalists on Tuesday at Oil & Money conference.

"We haven't agreed that yet. The consultations are ongoing," Barkindo said.

Russia will present its proposal to limit oil production after the OPEC makes final decision, Energy Minister Alexander Novak said earlier. The OPEC is expected to make such decision at its conference in November. 

OPEC plans to send invitations to non-OPEC countries to attend the meeting of the OPEC special committee for implementation of arrangements reached in Algeria on October 29 in Vienna, OPEC Secretary-General Mohammed Barkindo told journalists:

"We have sent invitations. We are waiting what they reply."

OPEC member-states managed to agree oil production limit of 32.5-33 mln barrels per day at the informal meeting in Algeria in late September.

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