Oil rises in price: Brent grew to $51,63 for barrel, WTI - to $48,62

As for 07:51 Moscow time on May 15 the cost of July futures for

the North Sea oil mixture of the Brent brand grew by 1,55% - to

51,63 dollars for barrel. The price of June futures for WTI crude

oil increased by 1,63% - to 48,62 dollars for barrel, reports the

Russian Agency of Oil and gas information.

Earlier in the joint statement of Ministers of Energy of two

countries, Alexander Novak and Khalid al-Falikh, it was sounded

that the Russian Federation and Saudi Arabia at the meeting in

Vienna would suggest to extend on May 24-25 the agreement on

reducing oil extraction for nine months - till April 1, 2018. The

question of prolongation of the agreement would be discussed at

the ministerial meeting of monitoring committee on May 24, and

then at the meeting of OPEC and the countries which were not

entering into shipping conference, on May 25. 

Later al-Falikh and Novak confirmed that the countries suggest to

extend the Vienna agreement on reducing oil extraction on the

operating conditions. 

"Saudi Arabia and Russia obviously work in close cooperation

with each other. Saudi Arabia, seemingly, is to raise oil prices in a

forceful mood …", - quotes Reuters agency Oystein

Berentsen, the managing director of oil trade of Strong

Petroleum. 

The OPEC on November 30 last year in Vienna agreed about

reducing the production on 1,2 million barrels a day from October

level. Eleven countries which were not entering into OPEC

approved on December 10 reducing the production totally on 558

thousand barrels a day, including Russia on 300 thousand. The

agreement was signed on the first half of the year 2017 with a

possibility of its prolongation, reminded the Prime.

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