According to the Minister, the main topic of the meeting was the discussion of the level of execution in different countries. In total, the participants have fulfilled their obligations by 87%, by reducing the production of 8.4 million barrels per day. To achieve the target of 9.7 million barrels a day we have to reduce production by another 1.3 million barrels a day, which have not a few countries that have not fulfilled the terms of the deal, but confirmed their readiness to compensate for the missing reductions in the coming months.
In respect of the balance of supply and demand in the oil market, Novak said that he can be reached by the end of June or in early July. The Minister stressed that the glut of oil in the world (the decline of its reserves to an acceptable level) will be eliminated by the end of this year or early next, so current prices around 40 dollars per barrel reflect the objective situation on the market.
the Next meeting of the monitoring Committee held on 14 July, and the next day there will be a meeting of the Ministerial Committee, which is likely to be a final decision on the conditions of production cuts in August.
