Russia Believes Oil Production Cuts Deal Should Be Implemented As Scheduled - Novak
ANADYR (Pakistan Point News / Sputnik - 13th August, 2020) Russia believes that the OPEC+ oil production cuts deal implementation should continue in compliance with the coordinated schedule, Energy Minister Alexander Novak said on Thursday.
"We follow the schedule, as it is planned, in compliance with the coordinated agreement, and it is a proper thing to do.
I believe we can say we have made proper decisions, thanks to the long-term planning," Novak said.
The energy minister also assessed the energy market situation as "rather stable," noting it is becoming more balanced.
On April 12, the OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in May and June, followed by 7.7 million barrels per day for the year's second half, and then 5.8 million barrels per day until April 2022.