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Russian oil companies confirmed, supported OPEC+ deal parameters, says Energy Minister

MOSCOW, April 13. /TASS/. Russian oil companies supported the OPEC+ oil production reduction deal, Energy Minister Alexander Novak said on Monday on the air with the Rossiya-1 TV Channel.

"We have discussed the current market situation and decisions made within the OPEC+ agreement deal. Chief executives of companies confirmed and supported agreement parameters. They also believe that dramatic measures for market rebalancing should be taken now and within two coming months," Novak said.

OPEC+ participants managed to clinch an oil production limiting deal on April 12. It stipulates the oil production cut by 9.7 mln barrels per day in total in May-June 2020, by 7.7 mln barrels per day in July - December 2020 within the alliance framework, and by 5.8 mln barrels daily in January 2021 - end of April 2022. Russia will lower its daily oil production by 2.5 mln barrels daily from the base level of 11 mln barrels. Deal parameters can be revised in December 2021.