“We work on the previously approved plan, not a loose schedule, in accordance with the approved agreement. It seems to me that all previous decisions were correct and now there is a gradual balancing the oil market”, – said the Minister.
Novak said that the meeting of the Ministerial monitoring Committee of OPEC, which is to be held August 18, may be shifted by one day and will be held on August 19. According to him, the upcoming meeting will assess the performance of the terms of the deal its members in July and the beginning of the increase in production in August.
OPEC+ agreed to cut oil production in may-July 2020 9.7 million barrels per day. From the 1st August until the end of 2020 the reduction should be 7.7 million barrels per day, and in the period from January 1, 2021 through April 30, 2022 5.8 million barrels per day. Since the inception of the transaction OPEC+ meeting of the Ministerial monitoring Committee take place monthly.