OPEC countries agree to increase oil production

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www.vsyako.netPhoto: Nick Oxford / Reuters

The joint monitoring Committee of OPEC+ at the level of Ministers agreed to relax the maximum quota in force for three months and increase oil production. This at a press conference after the meeting said the Minister of energy of Saudi Arabia Abdul Aziz bin Salman, reports TASS.

Also agreed on the tightening of quotas for a number of countries that have not fulfilled the parameters of the agreement in the previous months. As a result the overall level of decline in production will be somewhat larger than expected.

Is spelled out in the contract of 7.7 million barrels (currently 9.7 million), the decrease will amount to 8.2 million, said without Salman. However, he added that the figures approved while excluding the problems with execution of the transaction in June.

Before the meeting, the Saudi Minister confirmed that the volume of the Kingdom’s exports, despite the increase in production will continue. Excess country be allowed to own needs. In turn, Russian energy Minister Alexander Novak suggested that the market supply of oil in August in General will not change because other manufacturers will do the same and will try to implement raw materials on the domestic market.

It is anticipated that the new restriction level will be valid until the end of the year, and then, until may 2022, the total quota will drop to 5.8 million barrels.

The decision was expected, so oil prices have not changed. As of 18:35 the price of Brent crude is equal 43,23 dollars per barrel, and WTI — 40,61 USD.

Video, photo All from Russia.

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