Russia's Novak Says All OPEC+ Members Vowed To Fully Implement Oil Cuts

Russia's Novak Says All OPEC+ Members Vowed to Fully Implement Oil Cuts

Russian Energy Minister Alexander Novak said all OPEC+ countries had agreed at Saturday's meeting to fully implement the agreement on production cuts

MOSCOW (Pakistan Point News / Sputnik - 06th June, 2020) Russian Energy Minister Alexander Novak said all OPEC+ countries had agreed at Saturday's meeting to fully implement the agreement on production cuts.

"It is important that everyone confirmed their commitment to implement the deal by 100 percent, and this commitment will play a huge role in achieving a positive effect from the joint action on the market," Novak said after the virtual meeting.

The Russian minister, who co-chaired the meeting together with his Saudi counterpart, confirmed that the agreement to cut oil production by a cumulative 9.7 million barrels a day would be extended through July.