A number of OPEC states ready to extend oil cut agreement for 2018 if necessary

Almaty. October 5. Silkroadnews – A number of OPEC states are ready to extend oil cut agreement for 2018 if necessary, the Kazakh Telegraph Agency (KazTAG) quoted Russia’s Minister of Energy Alexander Novak.
“Ministers I talked to are ready to extend the agreement if required. But, to repeat once again, if it is necessary. The issue has been discussed,” TASS news agency quoted A.Novak answering questions on OPEC’s readiness to further cut oil production for 2018.
Russia has opened the energy week, which business part will be held in Moscow and St. Petersburg on October 4-7. More than 20 profile ministers from around the world are expected to take part in the Russian energy forum.
As it was reported, at the end of 2016 OPEC and some non-OPEC states, including Kazakhstan and Russia, entered into oil cut agreement, having agreed to withdraw 1.8 million barrels per day from the market, of which Russia accounts for 300,000 barrels and Kazakhstan – for 20,000 barrels.
Initially, the agreement was made for the first half of 2017, and later extended until the end of March 2018.