ALGIERS, September 20. /TASS/. OPEC+ countries may consider an issue of increasing oil production reduction quotas by 1% at the monitoring committee meeting in Vienna on September 22, Russian Energy Minister Alexander Novak told reporters on Wednesday.
"No official applications or proposals were made in this regard [1% increase of quotas - TASS]. If this is presented at the monitoring committee meeting, we will discuss this matter," the minister said.
The committee meets every two months. The previous meeting was held in St. Petersburg on July 24. It comprises five ministers: three from OPEC countries and two from non-OPEC countries.
In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016.
In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.