Easing Of Current Oil Production Limitations To 7.7Mln Bpd To Help Avoid Volatility- Novak

MOSCOW (Pakistan Point News / Sputnik - 15th July, 2020) The slight easing of the OPEC+ oil production limitations to 7.7 million barrels daily will help avoid market volatility, Russian Energy Minister Alexander Novak said on Wednesday.

"The minor easing of the acting restrictions and the launch of the coordinated second stage of readjustment in the amount of 7.7 million barrels daily fully corresponds to the current market trends and will help avoid volatility, largely due to the fact that nearly all the volume of boosted production will be consumed in the domestic market of the producing countries, as demand will be recovering," Novak said at a meeting of the Joint Ministerial Monitoring Committee.

The implementation of the new stage of the production cuts deal does not cancel the fact that countries should compensate their previous failures to reduce production, the Russian minister noted.