As a result of long negotiations, a decision was reached to extend the terms of the OPEC+11 agreement for another six months. The parties to this agreement reached a consensus on all aspects of the clause, which refers to a decrease in oil production by 1.2 million barrels per day.

According to one high-ranking official from Saudi Arabia, this paragraph says nothing about production quotas, but stresses that there is a certain percentage ratio, the size of which will be determined by the OPEC + 11 ministerial monitoring committee.

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The source added that of the total decline, the OPEC cartel will have 800 thousand b/d, while the remaining 11 countries will have 400 thousand b/d. A simple calculation shows that, if these figures are true, participants in a pact to reduce raw materials extraction will have to cut production by three percent.

According to insider information, during the last meeting it was not decided that some countries could be exempted from the obligation to follow these conditions. And yet, in the final document it is written that a number of countries may be guided by “their own considerations”. This agreement is considered to come into force from October of the current year. Validity can be extended for another six months (until April 2019), with the possibility of revision.

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