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MIL OSI Translation. Region: Russian Federation –

Following the consultations via videoconference, the OPEC + countries decided to maintain the current production quotas for May, June and July, as well as to continue monitoring the recovery of economic activity in the oil-consuming countries.

Alexander Novak took part in the 16th ministerial meeting of OPEC and non-OPEC countries

According to Deputy Prime Minister Alexander Novak, following the consultations held in the videoconference mode, the meeting participants confirmed the preservation of the existing agreements in order to maintain a stable fuel supply to the countries – oil consumers within the framework of the global economic recovery. As noted by Alexander Novak, within the framework of the consultations, it was decided to keep the current agreements of the OPEC + producing countries on production levels in May, June and July 2021.

“In May, OPEC + will increase production by 350 thousand barrels per day, in June by the same figure, in July by 440 thousand barrels per day. This will make it possible to reach the planned production levels in 2021, taking into account the growth in demand and the gradual recovery of the market. We observe that in some countries there is an increase in coronavirus infections, this raises concerns in the market, so it was decided not to change the figures from the last ministerial meeting, ”the Deputy Prime Minister explained.

Speaking about the situation on the market, Alexander Novak assessed the generally continuing positive nature of the recovery in demand and mobility of the population, as well as the growth of air transportation.

“At the same time, Russia fulfills its obligations close to 100%, all companies take this responsibly, because it is in the interests of the country and the budget. The key task of OPEC + should remain the implementation of the agreements reached in full, so we will closely monitor the situation with the balance of supply and demand, ”he stressed.

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

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