Amount of increase production “black gold” in the second stage of the transaction OPEC+ will be actually consumed in the domestic market of the countries of the Alliance. About this today during the opening session of the Ministerial monitoring Committee of OPEC+ said Minister of energy of Russia Alexander Novak.
So, he says, the weakening in August, the reduction of oil production to 7.7 million barrels per day is justified, according to PRIME.
for his part, the Minister of energy of Saudi Arabia Abdul Aziz bin Salman confirmed today that the Committee OPEC+ will consider the weakening of reductions in oil production amid recovery of demand in the market.
“We see encouraging signs of improvement with demand, economies around the world begin to open. Although the process is careful and gradual, and there may be renewal restrictions definitely seen the restoration of the situation on the physical market and the futures,” — said the Saudi Minister.
Recall that from the beginning of this year on the global oil market rode several waves of falling prices for “black gold”. A negative situation was caused by a whole complex of factors: a General overproduction of raw materials, a sharp drop in demand due to the rapid spread of coronavirus infection COVID-19 (March 11, was declared a pandemic) and concerns about its impact on the global economy and the collapse of the deal, OPEC+ (officially from April 1, but in fact, after fruitless negotiations of the countries-oil producers at a meeting on March 6 in Vienna).
However, on April 12 OPEC+ agreed on a new deal, joined by 23 States. The agreement will be valid for two years, from may 1, 2020 to may 1, 2022-th. In may—June this year, the production cuts will amount to 9.7 million barrels per day (from October 2018), then — until the end of 2020 — 8 million barrels, and 6 million to conCA APR 2022. New business OPEC+ was a forced reaction of oil producing countries on the situation in the market and pressure from the United States. Overall, however, it is not blocked volumes decline in global demand, besides on the market have accumulated huge reserves of raw materials.
At the meeting on June 6, the member countries of OPEC+ extended on a month — until the end of July — the period of validity of the agreement to reduce oil production to 9.7 million barrels per day.
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