Head of the Board of the Center for strategic research (CSR), former Finance Minister of Russia Alexei Kudrin believes that the agreement reached earlier this week at the informal meeting of OPEC in Algeria, can do not all countries, however, the agreement will stabilize the oil prices by one to two years.
“I think that not everyone will qualitatively carry out the agreement. At some period of 1-2 years, this will stabilize prices,” said Kudrin, quoted by RIA “Novosti”.
“Then everything will depend on more fundamental factors,” he added.
it reminds chief analyst of investment Department VTB24 Stanislav Kleshchev, “an informal meeting of OPEC (International energy forum in Algeria, 26-28 September — ed.) still ended with a surprise.” “Despite the assurances of the key players that result should not wait, side the night could come to an agreement. It was announced about the agreement to cut production to 32.5-33 million barrels per day. The claimed range corresponds to the level of production that the cartel was in the beginning of the year. Suggests production cuts relative to current values about 700 thousand barrels per day. The decision will be formalized with the placement of country quotas at the OPEC conference November. It is already declared that Iran, Libya and Nigeria do not need to cut production,” — said in the review of the expert.
the Final decision should be taken at the next meeting of the organization, which will be held on November 30 in Vienna.
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