Russia and Saudi Arabia have come to an agreement that the OPEC member states and non-member countries participating in the cut-off agreement will announce the extending of the reduction of oil production in their upcoming meeting in Vienna on 30 November, according to the Bloomberg news agency in a report published on Friday, quoting a group of people involved.<\/p>\n
The participants have also mentioned that Saudi Arabia is allegedly more willing to announce the extension to the public, while there is reluctance from the Russian side on informing the markets of this decision. Reportedly, Russia is seeking to delay the announcement of their decision until the end of the current agreement, scheduled in March 2018.<\/p>\n
Saudi Arabia Russia have agreed, however, on the need to announce some kind of agreement in the upcoming meeting, but Russia insisted on an additional formula for the agreement, linking the volume of reductions to the current state of the oil markets. While OPEC and Russia have agreed on a general framework for the agreement, discussions are currently still continuing on how would the organization meet Russia\u2019s demands.<\/p>\n
Talks are also taking place on adding the possibility of reviewing the pact again in early 2016, with the option on calling a new meeting. It should be noted here that until the end of last week, not all Russian oil companies had agreed to extend the reduction, and they discussed a possible extension for only 6 months together with the Energy Minister of Russia.<\/p>\n
Alexander Novak, the Energy Minister, claimed in an interview on TV that about 50% of the world\u2019s oil supply had been wiped out, and that Brent\u2019s global price had risen to an acceptable level after reaching $60\/barrel. He also stated that the oil markets were not yet completely balanced and that the reduction agreement should, indeed, be extended, with Russia fully supporting this procedure and being ready to discuss any further details at the meeting in Vienna.<\/p>\n","protected":false},"excerpt":{"rendered":"
Russia and Saudi Arabia have come to an agreement that the OPEC member states and non-member countries participating in the cut-off agreement will announce the extending of the reduction of oil production in their upcoming […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[42,24,41,44,43,45],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/111"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=111"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/111\/revisions"}],"predecessor-version":[{"id":113,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/111\/revisions\/113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/112"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}