Novak called on OPEC+ seek to maintain balance in the oil market

© RIA Novosti / Alexander Nitroscanate in fotomancer of energy of Russia Alexander Novak. Archival photoNovak called on OPEC+ seek to maintain balance in the oil market© RIA Novosti / Alexander Nitroscanate the image Bank

OPEC+ in conditions of great uncertainty in the global economy need to work hard to keep the balance of the oil market, said energy Minister Alexander Novak at a press conference following the meeting of the Ministerial monitoring Committee of OPEC+.

«We have really is, as was mentioned by my colleagues, the large uncertainties on several fronts, which, unfortunately, today we celebrate on global economic markets. And, of course, we have still very many to work together in order to achieve the goals and implement our common agreement to achieve a balance in the market,» said Novak.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand were in Russia. The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%.

Novak called on OPEC+ seek to maintain balance in the oil market© Infographicsrussia forces in the world oil market

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