MOSCOW, March 4. /TASS/. OPEC+ made the decision in conclusion of the ministerial meeting to extend the period for compensation of the delay in complying with oil production quotas until the end of July 2021, Russian Deputy Prime Minister Alexander Novak says on Thursday after the OPEC+ ministerial meeting.
"The need was stressed to follow current arrangements. This is important for countries that have not yet fully honored their [OPEC+ deal - TASS] obligations. It was agreed that the deadline for delay compensations will be extended until the end of July," Novak said.
"We have considered today issues on our arrangements, the market situation and the midterm forecasts, for several months and until the year-end," the official added.