Monday, 11, December, 2017

Ten non-members of the Organization of the Petroleum Exporting Countries, which do not participate in cutting oil output, will attend the meeting of OPEC+ in Vienna on November 30 to discuss increasing the number of the deal’s participants, TASS reported.

"Turkmenistan, Uzbekistan and some African countries - Chad, the Republic of the Congo, Ghana, Ivory Coast and Senegal will take part. Egypt, Uganda and Bolivia have also confirmed (participation)," one of the sources said.

The second source also mentioned the same countries. Bolivia’s representatives earlier announced plans to visit Vienna. Another country, Cameroon, initially accepted the invitation, but at the last moment refused to come to the Austrian capital.

The sources noted that the participation in the meeting does not mean joining the deal automatically.

Saudi Arabia’s Energy Minister Khalid al-Falih said earlier that Turkmenistan and Egypt could join the agreement on extension of the oil production cut deal. These countries had been invited to take part in the previous meeting of OPEC+ on May 25, but did not come. The minister expressed hope that in the future they would join the deal.

According to BP Statistical Review 2017, last year oil output in Turkmenistan remained at the level of 2015 (261,000 barrels per day). The oil production in Uzbekistan dropped 3.1% to 55,000 barrels per day and remained unchanged in Chad (73,000 barrels). In the Republic of the Congo, oil output decreased 7.6% to 238,000 barrels.

The meeting of oil and energy ministers of the states parties to the agreement on the reduction of oil production (OPEC +) will be held on November 30 in Vienna. The ministers will discuss the extension of the current deal, which expires in March 2018.



Latest news in Economy