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Kremlin spokesman Dmitry Peskov announced today, Tuesday, that the Russian Energy Minister, Alexander Novak, continues to work with his colleagues in the “OPEC +” agreement.
Earlier, Alexander Novak commented on reports of the postponement of the next OPEC + meeting from March to June: “I read this in the news with a news agency. Officially, nobody has contacted us at all, not even in some way Official, so this is the first time we hear about this. We start from the current agreements that have not been canceled, and that is the meeting in March. ”
The current production cut deal ends in March, and Saudi Arabia is leading talks with OPEC and its allies, led by Russia, to deepen production cuts and extend the existing deal, fearing that the new Corona virus in China will affect demand.
And countries from “OPEC” and a number of countries outside the organization entered into an agreement called (OPEC +) on reducing oil production, and the agreement came into effect since the beginning of 2017, and it was extended repeatedly. Conditions changed, and it was agreed, until the end of March 2020, to reduce production by 1.2 million barrels per day from the level of October 2018 in the period until the end of 2019 and by 1.7 million barrels in the first quarter of 2020.