Date: 2018/01/22 - 10:34 PM
Extension of the OPEC+ oil production capping deal positively influenced on the price dynamics in the oil market, Russian Energy Minister Alexander Novak said at the meeting with Energy Minister of Saudi Arabia Khalid Al-Falih.
“The market sees the success of efforts and responds: prices have already reached almost $70 per barrel,” the minister noted.
Energy ministers of both countries discussed prospects of cooperation between Russia and Saudi Arabia and multilateral interaction with other countries aimed at the oil markets’ situation rebalancing during talks.
OPEC member-states and non-OPEC oil producing countries reached the agreement on reduction of oil production [the OPEC+ agreement] in late 2016.
The agreement obliges the parties to cut production by a total of 1.8 million barrels per day in comparison with the level of October 2016.
Under the agreement, Saudi Arabia and Russia have the biggest cutbacks, which are 486,000 barrels per day and 300,000 barrels per day respectively.
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