ALGIERS, October 10. /TASS/. Russia’s Prime Minister Dmitry Medvedev said the agreement between OPEC and non-OPEC nations on oil production cap is working, and he expects further cooperation between the partners, particularly on compliance monitoring.
"We assume that the agreements that have been reached are working, helping hold crude prices within reasonable limits. Due to this, the economies obtain additional growth opportunities, while we continue discussing those issues with other countries. The monitoring issue is as important, and we address it together with our partners as well. We expect further cooperation with our Algerian friends," he said Tuesday, adding that he hopes that the agreement will help stabilize hydrocarbons prices.
In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016.
In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.