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OPEC ministers start talks on increasing oil production

Redistribution of quotas between countries to reduce oil production would become main issue at the meeting

© EPA/MOHAMED MESSARA

VIENNA, June 23. /TASS/. The ministers of the countries-participants of the agreement on limiting oil production (OPEC+) have started negotiations, where they could make a decision to increase the volume of oil production.

Sources told TASS earlier that redistribution of quotas between countries to reduce oil production would become main issue at the meeting.

On June 22, the ministers of the countries - members of OPEC decided to support increasing quotas for oil output by 1 mln barrels per day to prevent a possible supply shortage.

This decision could allow the countries to return to the original parameters of the agreement - limiting production by 1.8 mln barrels per day. Now the real decline has reached 2.8 mln barrels per against the level of October 2016.

In addition to OPEC members, the ministers of the countries that have joined the agreement, including Russia, Mexico and Kazakhstan, participate in the negotiations. They must approve the OPEC decision made the day before. Russian Energy Minister Alexander Novak has already told reporters that he supports this decision.

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