Not miners

Russia and Saudi Arabia are ready to extend the agreement on reducing oil production for another nine months, until the end of March 2018. This is stated in a joint statement by the Minister of Energy of Russia Alexander Novak and the Minister of Energy of Saudi Arabia Khalid al-Falikh, TASS reports .

It is noted that the purpose of the agreement is to bring the volume of global oil reserves to average for five years of values.

Novak and Falich emphasized that the agreement on reducing production led to a gradual reduction in the world oil reserves and an increase in demand for this raw materials in the world. However, the Russian minister emphasized that the goals of the current agreement have not yet been reached, and it is necessary to continue interaction.

"The ministers agreed to conduct consultations with the member of the agreements and other manufacturers until May 24 in order to achieve a complete consensus regarding the nine -month extension of the cooperation," the statement said. "The ministers also expressed optimism that a wider circle of countries will evaluate the positive effect of stabilizing oil markets and will join effort."

Against the backdrop of a statement by the ministers of the July, Brent oil Futures on the London Exchange rose to $ 51.64 per barrel.

On November 30, OPEC countries agreed to reduce the total volume of oil production in a cartel by 1.2 million barrels per day, to 32.5 million barrels. Russia was joined by Russia, which announced the readiness to reduce the production of 300 thousand barrels during the first half of 2017.

Following the results of on December 10, 11 countries that are not included in OPEC, agreed to reduce oil production from January 2017 by almost 600 thousand barrels per day in the sake of stabilizing the market. Thus, Russia, Azerbaijan, Bahrain, Brunei, equatorial Gvinea, Kazakhstan, Mexico, Oman, Sudan, South Sudan, and Malaysia joined the agreement.

However, market participants noted that for a more serious influence on the market, it is necessary to join more participants to it. The agreement was not signed by such oil producing countries as Norway, Vietnam, Canada and the USA. At the same time, the United States is one of the largest oil producers in the world, after Russia and Saudi Arabia, which determines the world market conditions.

On December 7, the press secretary of the Russian President Dmitry Peskov said that Vladimir Putin personally made the decision to reduce oil production on the basis of consultations with all leading oil companies in the country. According to Peskov, while the issue of compensation was not discussed. “No, this issue was not discussed. We have already reported that the topic of reducing the volume of production was agreed by the president with all the main oil companies. The president personally had contacts with them, and the decision was made personally by the president on the basis of the consensus that was achieved with the leaders of these oil companies,” the press secretary said.