Began the meeting of the technical Committee of the OPEC countries via videoconference, where countries of the cartel will summarize the execution of the transaction OPEC+ and make recommendations on conditions of its further actions.
two hours later, at 17: 00 will begin meeting of the Ministerial Committee OPEC+, which should be defined further settings for the current agreement to reduce oil production.
it is Expected that it will be decided to extend the current level of reduction of production at 9.7 million barrels per day for a period of 1 to 2 months.
the New deal OPEC+ valid from may 1 of this year. To date, 100% of the transaction was carried out – Saudi Arabia, UAE and Kuwait. Russia fulfilled its obligations on 98%.
the Main friction between the parties to the agreement on the reduction of production arise because of the failure of its conditions to certain countries. Iraq in may, has reduced production to less than half of the quota, while Nigeria only half of the required volume. Also half fulfilled its obligations Azerbaijan. But the Champions of non-compliance was Algeria, which reduced production by only 7% of the required amount.
