The OPEC can involve more countries which are not entering into the organization into participation in the agreement on reduction of oil extraction (OPEC+), RIA Novosti with reference to the Bloomberg agency reports.
Also the agency reports that the Oil Minister of Kuwait expects discussion of possible prolongation of the Vienna transaction in the first quarter 2018. According to him, the oil market shall be balanced at the beginning of the next year.
The ministerial committee on monitoring of agreement performance as a part of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia will hold a meeting on reducing oil extraction on September 22 in Vienna.
The OPEC and a number of the countries which are not entering into the organization agreed at the end of 2016 in Vienna about reducing the oil extraction totally on 1,8 million barrels a day from the October level from which 300 thousand fall on Russia. In addition to Russia nine more oil-producing countries which are not entering into OPEC — Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan also participate in the transaction. The agreement was signed on the first half of the year 2017 with a possibility of prolongation. In May the term of its action was prolonged for nine months — until the end of March, 2018.