OPEC+ will increase the reduction of oil production

Страны ОПЕК+ увеличат сокращение добычи нефти

OPEC trying to make up for the lack sarasinee oil production

Reduction to increase because of the need to compensate for insufficient reduction of oil production in may and June.

August OPEC+ will increase the level of reduction of oil production to compensate for the lack of contraction in may and June. About tampered the start of the meeting of the monitoring Committee of OPEC+ Wednesday, July 15,said the Minister of energy of Saudi Arabia Abdul Aziz bin Salman, writes TASS.

“I think that in August the effective quota will amount to around 8.2 million b/d. This must be the reduction of production to compensate for nedookislennye in may,” he said.

The Minister noted that this amount does not account for more nedookislennye volumes in June.

The Minister also confirmed that in June the parties to the agreement complied with the terms of the transaction at 107% of plan. But such a result was achieved due to additional production cuts in the Kingdom, the UAE and Kuwait. “Without those efforts, the effective level of execution of the transaction is approximately 95%”, — he concluded.

In turn, Minister of energy of Russia Alexander Novak said that the main difficulty in the oil market is over, says Interfax.

“The maximum difficulties related to falling demand, behind. There are signs of recovery in demand, the number of flights, sales, motor fuel, there is a probability of the second wave, which may lead to risks for consumption,” he said.

“The implementation of the new phase of reductions not absolve the member countries of the responsibility for compensation unabridged in may and June volumes,” — he explained.

Note, in the June UTC postavljati fell to a nine-year low.