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[size=36]OPEC + deal details and three options[/size]
Economy | 01:34 - 11/04/2020
Follow-up - Mawazine News
Russian Energy Minister Alexander Novak revealed the details of the international negotiations held by "OPEC +" on Thursday and Friday, which culminated in a new agreement on reducing oil production.
In an interview with "Russia 24" television channel Friday evening, Novak considered that the overall production cuts by "OPEC +" countries and some of their partners within the "Twenty" group, may constitute about 15 million barrels per day.
He expected that the oil-exporting countries outside "OPEC" and its OPEC + partners will reduce their oil production by 5 million barrels per day.
Novak said that the new agreement will take effect until May 1, 2022, adding that it remains possible for OPEC + countries to extend or reduce it according to the progress of the process of returning the situation in the oil market to normal.
The Russian Minister revealed that the members of "OPEC +" discussed three other options regarding the duration of the new agreement, which is one year, 3 years and 4 years, and it was agreed on two years that this period is the most effective to inform the market that the countries have a serious intention to take measures to restore their stability and restore the balance of supply "In an interview with "Russia 24" television channel Friday evening, Novak considered that the overall production cuts by "OPEC +" countries and some of their partners within the "Twenty" group, may constitute about 15 million barrels per day.
He expected that the oil-exporting countries outside "OPEC" and its OPEC + partners will reduce their oil production by 5 million barrels per day.
Novak said that the new agreement will take effect until May 1, 2022, adding that it remains possible for OPEC + countries to extend or reduce it according to the progress of the process of returning the situation in the oil market to normal.
Novak also confirmed the readiness of Russian companies to cut production under the OPEC + deal," adding that his ministry is in constant contact with Russian companies in this regard.
Novak also expressed his confidence that Russian companies can take technical and technological measures that enable them to reach the numbers that Russia has taken upon themselves to abide by.
and He said that the planned production cuts are short-term, explaining that the matter is related to "very large numbers that must be reached in order to restore the market to its balance," adding: "There is no doubt that the previous production volumes will be restored."
The "OPEC +" coalition announced in a statement issued Thursday, to reduce oil production by 10 million barrels per day as of May 1, 2020, and for an initial period of two months. Ended 29 / p
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