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OPEC+ deal extension for 2024 to help forecast market situation – Russian deputy PM

Alexander Novak commented on the decision of OPEC + to extend the reduction in oil production

VIENNA, June 4. /TASS/. The OPEC+ nations’ decision to extend the current agreement throughout 2024 and the voluntary production cuts by a number of countries will make it easier to forecast the market situation in the next 18 months, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"The agreement is in forces until the end of 2023, that is why we discussed the issue of its possible extension until the end of 2024 for quite a long time today. Two major decisions have been passed: first, to extend the existing agreement until the end of 2024, and, second, to extend throughout 2024 voluntary cuts by 1.66 million barrels a day starting May 1 undertaken by nine countries," he said.

"It will make it possible to have long-term forecasts of the effect of our agreement for 18 months ahead. These are key decisions we discussed and passed today," he added.

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Alexander Novak

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