Russia and Saudi Arabia support OPEC and its oil policy

Business-

Economie

08:42 01.07.2019(Updated 09:40 01.07.2019) .

The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohamed Barkindo said Monday that Russia and Saudi Arabia are supporting OPEC and are committed to the market to maintain its stability.

"President Vladimir Putin and Crown Prince Mohammed bin Salman, very welcome, show our leaders' commitment to market stability and OPEC support, plus OPEC + to continue this," Barkindo told .. "Not only to maintain market stability but also to strengthen it in different seasons and times."

Iran's oil minister, Bijen Zanganeh, said that Iran would reject the charter of cooperation with non-OPEC members and considered its next meeting to be easy and clear because its position is clear.

According to his opinion, Zangana considered that the Organization of "OPEC" faces the risk of disappearance and death in the case remained on its policy.

Barkindo said that the 6-9 month period represented a good horizon for the extension of a deal between the OPEC countries and their allies on reducing oil production.

Russian President Vladimir Putin said Saturday that the two countries had developed a unified vision for the future of the OPEC deal and would call for an extension with the current rate of production cuts. The agreement can be extended for an additional six or nine months.

The OPEC + deal to cut crude oil production came into effect in early 2017. It was agreed that the total reduction in the first half of 2019 would be about 1.2 million barrels per day from the October 2018 level, Russia's share is 228 thousand barrels.

The fate of the Opec + deal, including the possibility of extending it to the second half of this year, will be decided during the meetings of all the countries participating in the agreement in Vienna on July 1 and 2.