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17.03.2017 - 15: 13

Saudi Minister announced his intention to extend the limit oil production of OPEC

Members of the Organization of countries - Petroleum Exporting Countries (OPEC) intend to extend the deal to reduce oil production in the second half of the year 2017. This was stated by Minister of Energy of Saudi Arabia Khaled Al-Faleh in an interview with The Wall Street Journal.

According to him, the cartel has a strong commitment to extend the agreement. "My conversations with colleagues from OPEC and outside give me a reason to be confident that the impressive results we have seen, will be even better," - said al-Faleh.

In 10: 50 MSK price of May futures for Brent oil fell by 0,17 percent compared to the previous close - up 51,65 dollars per barrel. April futures price for WTI crude oil fell to 0,04 percent, to 48,73 dollars per barrel.

10 March, Reuters reported that OPEC will not prolong a global agreement on limiting the production of oil, to prevent the development of raw shale in the United States.

The next meeting of OPEC will be held in Vienna in May 25. It is expected that the meeting will discuss the manufacturers about the possibility of extending production cuts agreement.

On January 1 OPEC and several other states have limited oil production for six months. The agreement was reached between Russia and the cartel at the beginning of December 2016 years.

A source: Slow

Tags: Saudi Arabia, Oil, OPEC, Economy