Caspian Energy Journal Caspian European Club
Monday, 22 January 2018 14:30

OPEC member indicators exceed 100%

OPEC member indicators exceed 100%

RF Minister of Energy Alexander Novak chaired the 7th session of the Ministerial Monitoring Committee of the OPEC and non OPEC countries.

“2017 let the OPEC agreement parties to reach impressive results through joint efforts because the surplus of oil and oil products at the market was reduced more than twofold. Vienna agreements are still promoting the rebalancing process. It happened owing to a responsible approach of the agreement participants: many countries not only demonstrate high indicators but also go beyond the obligations they assumed. The relevant indicators exceed 100% for the 5months in a row. No such thing has ever happened in the history of OPEC”, Alexander Novak said at the session.

“After the expiry of the term of the agreement, the OPEC+ countries will continue cooperating through consultations”, Alexander Novak noted.

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Person in charge of the newsline: Fidan Isayeva


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