Novak: a New deal on OPEC+ will last 2 years until may 1, 2022

the Minister stressed that, if necessary, allows the possibility of adjusting the terms of transaction depending on the situation on the world oil market. In particular, he has not ruled out a return to production, noting that now, after agreeing a new deal, it is very important to carefully monitoring of the market.

Photo: iStock the Kremlin welcomed the agreement OPEC+ Photo: Maxim Bogodvid / RIA Novosti Novak called impossible world economic growth without a deal-OPEC+

under the new terms, the overall reduction of oil production in may-June will be 10 million barrels per day, from July 1, 2020, to 8 million barrels per day, and in 2021 – 6 million barrels per day.

According to the Minister, parties to the transaction expect that other oil-producing countries will cut production by 5 million barrels a day in may-June of this year.

Officially, the new agreement, like earlier, will involve 23 countries. They will cut production by 23%, Russia and Saudi Arabia from the level of 11 million barrels a day, and then from 8.5 million barrels per day. A maximum quota of both countries in the first two months will be 2.53 million barrels per day. Other countries participating in the agreement will cut production from level of October 2018. Except Saudi Arabia and Russia coarsely cut production will need to: Iraq – 1 million barrels per day, UAE – 0.7 million barrels per day, Nigeria is 0.45 million barrels per day.

Mexico, which delayed the finalization of the transaction, will cut production to only 100 thousand barrels per day (planirovaloss – 400 thousand). To fulfill the quota the country will help reduce the production of 250 thousand barrels from the United States.