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The following consultations, via videoconference, the OPEC + countries decided to maintain output quotas for May, June and July and continue monitoring economic recovery in the oil-consuming countries.

Alexander Novak attends 16th OPEC and Non-OPEC Ministerial Meeting

As Deputy Prime Minister Alexander Novak said after the consultations via videoconference, the participants confirmed their intention to maintain the current agreements to ensure stable fuel supplies to the oil consuming countries as part of the drive for global economic recovery. He noted that during the meeting the participants decided to maintain the current OPEC + agreements on crude production in May, June and July 2021.

“In May and June, OPEC + will increase crude oil output by 350,000 barrels per day, and in July the increase will be 440,000 barrels a day. This will make it possible to reach the planned levels of oil production for 2021, which includes estimated increases in demand and gradual recovery of the market. We are seeing an increase in coronavirus cases in some countries, which causes apprehension in the market. Therefore, the participants decided not to change the figures adopted at the previous ministerial meeting, ”Mr Novak explained.

Regarding the market, he said the demand for oil products, including the mobility of the population, is recovering and that the number of flights is on the rise.

“Russia is fulfilling its commitments at close to 100 percent. All of our companies have taken a responsible approach to the problem because this is in the interests of our country and the national budget. The key goal for OPEC + must remain the same, specifically, the fulfillment of our agreements. So, we will carefully monitor supply and demand balance, ”Mr Novak emphasized.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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