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World oil prices

Russian oil workers discuss possibility of extending OPEC + current quotas — source

TASS source in OPEC confirmed that the organization is indeed discussing the possibility of a more intensive reduction in production after June of this year

MOSCOW, May 26. / TASS /. Russian oil companies are discussing the possibility of maintaining a reduction in oil production within OPEC + at 2.5 mln barrels per day, not only in May - June, but also in the following months, although under the terms of the agreement, Russia was supposed to gradually restore oil extraction volumes after June, a source in one of the companies told TASS on Tuesday.

In particular, this issue was raised today at a meeting between company heads and the Russian Minister of Energy Alexander Novak. "Yes, this question was raised today at the meeting. Companies are trying to form a position on this issue," the agency’s source said.

The TASS source in OPEC in term, confirmed that the organization is indeed discussing the possibility of a more intensive reduction in production after June of this year.

Another source noted that after the meeting with the oil industry, Novak was supposed to talk with the Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman, but so far there is no information about whether this meeting took place.

The OPEC + agreement came into force on May 1, it implies a reduction in production by the alliance countries of 9.7 mln bpd from May to June. Russia and Saudi Arabia, according to the agreements, will reduce oil production by equal shares - 2.5 mln bps from the base level of 11 mln bps. The agreements will be valid for two years, but from July to December 2020, 7.7 mln b/s already fall under the alliance, and from January 2021 to the end of April 2022, 5.8 mln b/s. Transaction parameters may be revised in December 2021.

According to the agreement between Russia and OPEC, gas condensate is not included in the quota of reduced production, only oil. But statistics on condensate production are not disclosed separately in statistics.

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