Novak will discuss with oil companies the recommendation of techamerica OPEC+ reduction of production

the leaders of the Russian oil company on February 12 will discuss at a meeting with energy Minister Alexander Novak production cuts under OPEC deals+ TASS reports.

last week the technical Committee of the OPEC+ in Vienna several days discussing the impact of coronavirus on the global economy and demand of oil. The Committee, an emergency meeting, decided to recommend to the Ministerial meeting of OPEC to cut production in the second quarter for another 600 thousand barrels per day and extend the reduction to the end of the year. Russia has asked partners in OPEC+ time for reflection and consultation in the country, taking into account the interests of companies and budget.

“Russia is closely monitoring the impact of the spread of coronavirus in the global energy markets. The situation remains highly uncertain,” — said the Minister of energy of Russia Alexander Novak.

According to him, Russia is carefully considering the recommendation of the technical Committee of OPEC+ to assess the situation and determine a balanced approach taking into account the interests of the market.

the transaction Partners OPEC+ (including OPEC and outside the cartel) 2018 monitoring the situation on the market and adjust production to maintain a stable supply and demand of oil in world markets.

At the end of the previous scheduled meeting 6 December 2019 OPEC+ has decided to cut production by 500 thousand barrels a day to 1.7 million barrels per day from October 2018 adopted as the starting point of the transaction. With the latest agreement, Russia has committed itself to reduce production by another 70 thousand barrels, or in General of 300 thousand barrels per day.