OPEC countries agreed to extend the freezing level of oil production

OPEC countries are guided by the extension of the agreement on freezing oil production levels.

"There is agreement and focus on the extension (freeze-ed), as this will lead to price stabilization," Iraqi Oil Minister Jabbar al-Laibi said in a RIA Novosti commentary..

According to him, OPEC will discuss the extension of the agreement on May 25 at a regular meeting in Vienna.

OPEC countries agreed on reducing oil production after a year of disputes. It was decided from January 1, 2017 to reduce oil production by 1.2 million barrels a day - up to 32.5 million. At the same time, the agreement presupposes participation of countries outside the cartel. It is designed for six months with the possibility of extending for another six months.