Russia Announces A Planned Ministerial Meeting On Reducing Oil Production

Baghdad - The next ministerial meeting will be held to monitor the implementation of the Vienna Convention on the reduction of oil production in July in Moscow, Russian Energy Minister Alexander Novak said.

"You know, we have the possibility of dealing with any situation that can happen in the markets and we have an oversight committee in this regard, working on this issue every month, and the ministerial committee continues to work in this regard," Sputnik agency quoted the minister as saying.

OPEC reached in a meeting with non-OPEC countries last Thursday to extend the oil production reduction agreement for nine months.

The OPEC countries reached in a meeting on November 30, an agreement to reduce the volume of oil production by 1.2 million barrels per day, starting from the beginning of 2017, while non-OPEC countries agreed to reduce production Of oil 558 thousand barrels per day, of which 300 thousand barrels by Russia.

This agreement is valid for the first half of 2017.

On Monday, Russia and Saudi Arabia expressed their readiness to support the extension of the agreement to cut oil production between OPEC producers and outside the Organization until March 2018 and pending a decision at the Vienna meeting this month.

Source: National Iraqi News Agency