Russia reveals the effects of the extension of the “OPEC +” agreement to reduce production on the oil market

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Russia unveils the effects of the extension of the “OPEC +” agreement to cut production on the oil market, today, Sunday, June 7, 2020 02:54 AM

Russian Energy Minister Alexander Novak said that the extension of the “OPEC +” agreement to reduce oil production, will have a positive impact on the oil market, saying that after the meeting of the “OPEC +” countries today, Saturday, the most important thing is to assure everyone of their pledges to implement the deal 100%, noting that “This is a commitment of great importance, and the effect of joint steps on the market will be positive.” Novak pointed out that the “OPEC +” deal was implemented in May by about 90%, adding that Russia has implemented 96% of its obligations, and that accurate information about each country will appear at a later time, stressing that all countries, including Mexico, will continue to reduce production. In July the total volume was 9.7 million barrels per day, indicating that earlier it was planned to reduce the commitment to reduce production to 7.7 million barrels, but during today’s meeting it was agreed to refrain from that, saying: “I think this decision is correct. It was true. There are various options under consideration, including the extension for a longer period, but we have agreed to monitor market conditions every month. ”

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