OPEC+ will reduce oil production by 7.7 million barrels from August

OPEC+ member countries decided to weaken the conditions for reducing oil production by 2 million barrels per day at an online conference held on July 15, Angi reports.

From August to the end of this year, the total decline in production will be 7.7 million barrels per day instead of 9.7 million barrels per day, as it was in May - July.

According to the head of the Ministry of Energy of Russia Alexander Novak, the main difficulties associated with the falling demand for oil are already behind us, now the market is balanced and in a fairly stable state. In April, the fall in global oil demand was 25 million barrels per day, and in June this figure fell to 10 million barrels.

At the same time, a more serious drop in barrel quotes, even below $40, is not excluded, but experts agree that this can only happen in the short term.

The next OPEC+ meeting is scheduled for August 17-18.

Recall that in April, OPEC+ countries agreed on a record reduction in oil production due to a market crisis caused by the coronavirus pandemic.

In June, participants in the OPEC+ deal fulfilled their obligations to limit oil production by 109%, while participants who showed in May-June insufficient discipline to reduce production will have to compensate for this with an additional reduction in July-September.

Earlier it was reported that Kazakhstan introduced a ban on the import of gasoline, aviation and diesel fuel into the country.

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