Economynews - Baghdad
The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohamed Barkindo said on Tuesday that the global agreement to reduce oil production will help restore stability to crude markets during 2018.
"We are beginning to see that the stability is gradual, but it is due to the market," Barkindo told Azerbaijani TV channel Raleigh. "The producer countries involved in the agreement are currently focusing on extending the agreement. We are focusing on achieving our goals.
OPEC and other senior oil producers led by Russia agreed last November to extend the cut production agreement to about 1.8 million barrels per day until the end of 2018.
The next meeting of OPEC oil ministers and non-OPEC producers, including Azerbaijan, is scheduled for June 2018.
Ministers at the meeting may decide to amend the agreement based on market conditions.
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