Russian exec: OPEC deal to fix oil prices at current level

SOCHI, Sep 30 (PRIME) -- OPEC’s agreement on the oil market reached in Algeria will help fix oil prices at the current level and their further growth should not be expected, state-owned Vnesheconombank’s (VEB) Deputy CEO Andrei Klepach, former deputy economic development minister, told PRIME late Thursday.

“This is a positive agreement, it promotes consolidation of oil prices at the current level, but it will unlikely give a possibility to raise them – there are too many other factors. But this is positive news,” he said.

“This reinforces the current level and will prevent their reduction. I think that the oil price will remain approximately at the current level (by the end of 2016),” Klepach said.

OPEC agreed to limit daily oil output at 32.5–33.0 million barrels at an informal meeting on Wednesday. Ceilings for each country will be defined at the organization’s next official meeting on November 30 in Vienna.

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