OPEC+ countries extended the deadline for reducing oil production

The OPEC+ Monitoring Committee supported the proposal to extend the agreement on the reduction of oil production for nine months in current conditions. This was announced by the Minister of Energy of the Russian Federation Alexander Novak.

“All countries supported by consensus – those who participated, representatives of the Monitoring Committee, as well as other ministers participated today. All supported the proposal for a general extension for nine months in the parameters of the transaction, which were concluded in December last year... JMMC recommended to OPEC and non-OPEC countries just such an option for further cooperation”, he said.

It is reported that quotas will be maintained, as well as the volume that was valid during the first half of 2019.

The OPEC and OPEC+ Agreement has been in force since 2017. In the first half of 2019, oil production was agreed in the amount of 1.200.000 barrels per day.

Earlier it was reported that in December 2018, OPEC countries, as well as non-OPEC oil producing countries, agreed to reduce production by 1.2 million barrels of oil per day.

Source: unian.ua

Tags: contracts, oil, hydrocarbon production, legislation, RF, foreign affairs

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