Novak called timely the recommendation of the Committee of OPEC to increase oil production

© RIA Novosti / Eugene to Novostinearly in fotomancer of energy of Russia Alexander Novak. Archival photoNovak called timely the recommendation of the Committee of OPEC to increase oil production© RIA Novosti / Eugene to Novostinearly the image Bank

Recommendation of the Ministerial monitoring Committee of OPEC+ (JMMC) to increase oil production of the countries of the deal by 1 million barrels per day, dividing this amount was timely and important, said the Minister of energy of Russia Alexander Novak at the fourth Ministerial meeting of OPEC and non-OPEC.

«I think it is important and timely initiative recommended by the JMMC, to increase oil production by 1 million barrels per day with the distribution of this volume», — said Novak.

According to him, this decision fully corresponds to the needs of the current situation taking into account the dynamics of supply and demand. «It will help maintain the market in a balanced state,» he said.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The deal started from the beginning of 2017 and was extended twice, most recently until the end of 2018.

Ministerial monitoring Committee of OPEC+ Thursday made a recommendation to increase production in the framework of the agreement on 1 million barrels a day, that is, the amount of its fulfillment. On Friday, OPEC agreed on a goal to get back to 100% execution of the transaction. On Saturday this will be discussed at a meeting of all 24 countries OPEC+.

OPEC Ministers explained that the real increase in production is less than 1 million barrels, as not all countries will be able to provide a corresponding increase. They had made an assessment of the actual OPEC production growth+ range from 500 to 800 thousand barrels per day.Novak called timely the recommendation of the Committee of OPEC to increase oil production© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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