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Russian energy ministry admits OPEC+ quotas extension if market situation allows

OPEC+ ministers agreed to support the largest ever level of crude production cuts for another month, until the end of July, at a meeting via videoconference on June 6

© Alexei Andronov/TASS

MOSCOW, June 8. /TASS/. Extension of the current OPEC+ quotas to August will depend on the market recovery, oil reserves and compliance of all member-states with the agreement, Russian Energy Minister Alexander Novak told an OPEC+ press conference on Monday.

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OPEC+ agreement to have positive effect on energy market stabilization - Kremlin

"The key condition, apart from full compliance with the agreement, is the current situation on the market and monitoring of the speed of the demand recovery and the situation in the sectors with guaranteed demand… And, of course, the reserves. Reserves have substantially increased over the past several months," he said.

The new OPEC+ agreement on crude output cuts came into force on May 1. It stipulates a total reduction of daily crude output by member-states by 9.7 mln barrels in May-June. Particularly, Russia and Saudi Arabia, the largest participants of the agreement, are to cut production by 2.5 mln barrels per day each from the level of 11 mln barrels. The remaining countries will reduce production from the level of October 2018. OPEC+ ministers agreed to support the largest ever level of crude production cuts for another month, until the end of July, at a meeting via videoconference on June 6.

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