Photo: Screenshot OPEC Secretary General Mohammed Barkindo

The main issue on the agenda – to extend the quota to reduce oil production for at least another month.

The meeting of OPEC Ministers began in a videoconference on Saturday, June 6th. Stream is on the website of the organization.

The main issue on the agenda to extend the current quotas for the reduction of production is still at least a month.

The meeting was attended by 13 countries belonging to the organization. The country’s “non-OPEC” participating in the Vienna agreement, led by Russia will join the plan in two hours.

As you know, all countries in the OPEC+ cut production of 9.7 million barrels a day, the quota is set at may-June. Just 10 countries-participants of the organization (from the reduction of liberated Iran, Venezuela and Libya) from this quota cut production by 6 million barrels per day.

On the proposal of Russia and Saudi Arabia, the countries of the Alliance will now discuss, keep it still for one or two months.

Another equally important issue is the execution of the agreements. According to media reports, the deal was made in may 75% as Iraq and Nigeria had not fully complied with their obligations. Now they are at today’s meeting have to promise to fill unabbreviated volumes fully in July.

Recently the media reported that the OPEC countries had reached an agreement to extend the limits of oil production for at least a month.

Amid this information world oil prices have accelerated growth and exceeded 42 dollars for barrel.

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