Novak sees no need to change quotas at the OPEC+

© RIA Novosti / Ilya Petliurite in photobacteria oil. Archival photoNovak sees no need to change quotas at the OPEC+© RIA Novosti / Ilya Petliurite the image Bank

Ministerial monitoring Committee of OPEC+ at today’s meeting will discuss the overall production figures of oil to change oil quotas for countries participating in the agreement need not now, told reporters Russian energy Minister Alexander Novak at the meeting of the Committee.

«We will discuss the General indicators, General parameters for the extraction. But now the situation in different countries are different. We are still in the month of June talked about the fact that at the present time, specifically, to change the quotas that have been set, there is no need. We will talk about the overall performance,» — said Novak.

In Algeria on September 23 held a meeting of the Ministerial monitoring Committee of OPEC+, where it is planned to discuss the General situation in the oil market and the countries ‘ compliance with their obligations until the end of 2018, and also the model of further cooperation starting in 2019.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017, and then extended until the end of March 2018. In November, OPEC+ again decided to extend the Vienna agreement — until the end of 2018.

At the end of June this year, OPEC+ agreed goal is to escape from the fulfillment of the obligations under the agreement. Then it was reported that the countries doing the transaction at 147%. We explained that in practice this will mean increasing production by 1 million barrels per day, including Russia 200 thousand.

Novak sees no need to change quotas at the OPEC+© Infographicsrussia forces in the world oil market