Russia and a number of member countries of OPEC want to finish operation of the agreement on reducing oil extraction as soon as possible probably in the summer of next year. Such opinion in a conversation with journalists at the summit of the Organization of the Arab petroleum exporting countries (OAPEC) was expressed by the deputy Oil Minister of Kuwait Isam al-Marzook.
The strategy of an exit from the agreement, according to him, can be considered by participants at a meeting on June 22, 2018 if the market shows return signs to balance by this time, TASS reports.
Earlier the minister of Saudi Arabia Khaled al-Falekh and the Minister of Energy of the Russian Federation Alexander Novak claimed that it was too early to develop strategy of an exit from the transaction. According to them, completion shall be smooth.
The agreement on reducing oil extraction was reached at the end of 2016 by the countries of OPEC and the states which are not entering into shipping conference. According to conditions, participants of the transaction shall reduce production totally by 1,8 million barrels a day (by the October, 2016 accepted for basic level in the transaction). The biggest quotas on reducing fells at Saudi Arabia (486 thousand barrels a day) and Russia (300 thousand barrels a day). Russia reached the quota in May of this year and since then holds it.
The agreement which was initially existing in the first half of the year 2017 was already twice prolonged: at first - until the end of March, 2018, and last time - until the end of 2018.
Agreement purpose: to remove surplus of world reserves of oil which for the beginning of 2017 exceeded a five-year regulation on 380 million barrels. By October surplus was reduced to 150 million barrels.