ST. PETERSBURG, June 16. /TASS/. OPEC+ countries may reach a new agreement by the end of the year, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF).
"I think that by the end of the year we will have to discuss questions regarding how we will interact next year, because today we have an agreement on this year’s volumes. We will have to look at what the market situation will be like closer by the end of the year," he said.
Novak noted that the OPEC+ agreement had a positive impact on the markets in the most difficult times. The countries of the agreement discussed the possibility of creating new alliances. "We also discussed it (further interaction) with our colleagues. We always support longer-term relationships, because during our six years of cooperation, different situations happened, we kept our agreement in force, and it really had a positive effect on the markets in the most difficult times when investments were reduced to the extent that it was possible to lose serious production volumes," he said, answering a question about the possibility of the collapse of OPEC+.
The St. Petersburg International Economic Forum organized by the Roscongress Foundation is running from June 15 to 18. This year’s forum is dubbed: ‘New Opportunities in a New World’. The SME Forum, the Creative Business Forum, the Drug Security Forum, the SPIEF Junior Dialogue and SPIEF Sport Week are also going to be part of the SPIEF event. TASS serves as the event’s official photo hosting agency and the information partner.