OPEC Ministers agreed to extend the reduction of oil production in the framework of the previously concluded transaction OPEC+ with the consent of the countries outside of the organization. This was told to journalists by the Minister of oil of Iran Bijan Zanganeh made for the last meeting.

“the Decision on reduction of 9.7 million barrels per day from production will be made in case of consent from ten oil-producing countries outside OPEC”, — quotes words of the Minister, Iranian news Agency Shana.

the head of the Ministry of petroleum of Iran added that the main problem was the observance of certain members, such as Iraq, quotas to reduce production. According to him, countries in violation of the quota promised to compensate for this in the coming months.

news about the extension of the deal world oil prices have responded growth. As of 18:30 Moscow time Brent is trading around $42 per barrel, WTI — $38,9 per barrel.

a Few hours ago, the media citing sources reported the extension of the deal until the end of July with the preservation of overall quotas to 9.7 million barrels per day. In the eve of the meeting it became known about disagreements between the parties due positions Iraq and Nigeria, in violation of the approved quota. Today, June 6, after the last meeting, the Iraqi oil Ministry stated that it remains committed to the agreement.

With the end of the twentieth century the world began to develop dynamically the market of so-called “paper oil”, i.e. futures contracts. By the middle of 1980-ies he often exceeded by the cost of the physical supplies, and today on the stock exchange the main volume is futures contracts.