Russian Energy Minister calls for strict adherence to OPEC + agreement

…cuts oil production to 510-520m tons in 2020

Russian Energy Minister Alexander Novak said that the global oil market is still fragile and it is important that all OPEC members and non-members fully adhere to the agreement to reduce production.

He said: “We are already seeing the signs of a resumption of commercial activity … the oil market is still fragile and in need of support. So it is important today, more than ever, as I see it, that all participants in the agreement must fully comply. ”

And OPEC + agreed yesterday to extend unprecedented cuts in oil production to the end of July after prices had increased to double in the last two months, thanks to their efforts to withdraw about 10% of global supplies from the market.

Novak said Saturday that Russia will reduce its crude oil production to between 510 million and 520 million tons in 2020 from about 561 million tons in 2019.

Speaking soon after the OPEC + deal, the minister said that the United States cut its crude production by 1.9 million barrels per day. He told reporters in Moscow that Russia will strictly abide by the agreement this month.

SOURCE: attaqa.net