The historic agreement on oil can “stretch” up to 2018

Saudi Arabia is a probability of renewal of the agreement the oil-producing countries to reduce output energy after 2017. This was stated by Minister of energy of the Kingdom Khaled al-Faleh during his visit to Kuala Lumpur.

“Based on the consultations that I held with the countries of the cartel, I’m pretty sure the agreement will be extended for the second half of 2017, and perhaps even after it”, – quotes the words of the Minister Bloomberg.

Recall that world oil prices grow against the background of statements of several Ministers on a possible extension of agreement to cut production of black gold.

As you know, OPEC is 30 November 2016 in Vienna agreed to reduce its production by 1.2 million barrels a day from October level. Eleven non-OPEC countries, 10 Dec agreed to reduce its production a total of 558 thousand barrels per day, including Russia 300 thousand. The agreement was concluded for the first half of 2017 with possibility of extension.

The decision on the fate of the agreement will be adopted in Vienna on 25 may.