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Russian energy minister to meet heads of oil firms to discuss OPEC+ deal extension

November 14, 2017, 16:49 UTC+3

Russia’s Energy Minister Novak plans a meeting with heads of local oil companies on November 15

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MOSCOW, November 14. /TASS/. Russia’s Energy Minister Alexander Novak plans a meeting with heads of local oil companies to discuss a potential extension of the OPEC+ production cut deal on November 15.

"Planned for tomorrow," he said Tuesday when asked a respective question.

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.

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