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Russian oil companies, Energy Ministry to discuss OPEC+ deal on November 21

In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production

MOSCOW, November 20. /TASS/. The Russian Energy Ministry plans to discuss the OPEC+ oil production limiting agreement with domestic oil companies on Tuesday, November 21, Minister Alexander Novak said on Tuesday.

"I hope we will have an opportunity to discuss tomorrow," the minister said responding to a question regarding the OPEC+ discussion timeline. The meeting will take place in the Khanty-Mansi Autonomous District, Novak added.

Novak met chief executives of Russian oil companies for discussion of the OPEC+ agreement extension in particular on November 15. The Russian Energy Ministry will held one more meeting, Chief Executive Officer of Gazprom Neft Alexander Dyukov said after the meeting.

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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