Many major member countries of the Organization of Petroleum Exporting Countries have recently said that the target oil price will be set at $ 60 per barrel. This means that their will increase the next month OPEC meeting to extend the reduction of output agreement to increase production. 

At the same time, Russia as the representative of the large oil-producing countries also expressed support for collaborative control production, the market is expected to extend the reduction of output agreement is expected to re-reach. However, the industry also predicted that the US shale oil industry to pick up the international oil prices rally facing uncertainty.

According to the Wall Street Journal recently reported that some of the OPEC countries, including Saudi Arabia, the current target oil price of $ 60 per barrel, Iraq and Kuwait that the $ 60 per barrel of oil prices can boost the economy and promote more Energy industry investment, and will not lead to a significant increase in US shale oil production.

Russian parliamentary Speaker of the House of Representatives Ma Tewei in the 16th visit to Saudi Arabia, said Russia is willing to continue to work with Saudi Arabia to implement the reduction of output agreement.