MIL OSI Translation. Region: Russian Federation –
The countries participating in the agreement confirmed their agreements on the full fulfillment of their obligations and the continuation of the increase in oil production in November by 400 thousand barrels per day in order to maintain a balance of supply and demand.
Deputy Prime Minister Alexander Novak as co-chairman chaired the 21st meeting of the ministerial meeting of the OPEC and non-OPEC countries. During the meeting via videoconference, the energy ministers of the oil-producing countries reviewed the implementation of the agreement in August, as well as plans for production in November. As the Deputy Prime Minister emphasized, the joint work of the producing countries continues to work to balance the global market.
“As a result, it was decided to continue cooperation in accordance with the agreements that were reached in early August – to increase production monthly by 400 thousand barrels per day, in particular, in November. This will be the balancing point that will allow us to continue to normalize the state of the market, ”stressed Alexander Novak.
Thus, Russia will continue to restore oil production in accordance with previously outlined plans. “This will allow us to reach the pre-crisis level of production in Russia by May,” he added.
According to the Deputy Prime Minister, all countries of the agreement continue to voluntarily and responsibly follow the agreements – in August, the implementation of the OPEC + agreement reached a record level for the entire period of cooperation between the OPEC and non-OPEC countries of 119%. In August, the producing countries, in particular, recorded a slight excess of demand over supply, which made it possible to reduce the total balances since the beginning of the pandemic by 364 million barrels, today they are 130 million below the five-year average, stressed Alexander Novak. “This greatly contributes to the balancing of the market, a stable market situation. Today we see an increase in both air and road transport. And so, taking into account the economic recovery, we continue to restore production in order to balance the growing demand, ”the Deputy Prime Minister explained.
As part of the meeting, Alexander Novak also invited the participating ministers and representatives of OPEC + to participate in the Russian Energy Week international forum, scheduled to be held from 13 to 15 October 2021.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.