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Russian Energy Minister calls for full implementation of oil production reduction agreement

Russian Energy Minister calls for full implementation of oil production reduction agreement

Russian Energy Minister calls for full implementation of oil production reduction agreement

Russian Energy Minister calls for full implementation of oil production reduction agreement

Moscow, On the 19th, Russian Energy Minister Novak called on relevant oil-producing countries

to fully implement the oil production reduction agreement reached by the

Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries.

According to Russian media reports, Novak spoke at the meeting of the Joint Ministerial Supervisory Committee

of OPEC and non-OPEC oil-producing countries that day, saying that the current international oil market is still unstable

and relevant oil-producing countries should fully implement the agreement reached by

OPEC and non-OPEC oil-producing countries. Oil production reduction agreement.

Novak said that there are still many uncertainties in the world oil market. 

On the one hand, the new crown epidemic has dealt a heavy blow to many economic sectors, including the oil market, and faces many

difficulties in restoring the global economy and oil demand; on the other hand, global energy investment is expected to decrease by 18% to 20% compared with 2019. %. 

To this end, it is necessary to continue to improve and consolidate the cooperation

mechanism between OPEC and non-OPEC oil-producing countries, and all oil-producing countries should support this mechanism.

Novak said in September that according to the oil production reduction agreement reached by

OPEC and non-OPEC oil-producing countries this year, Russia had nearly 100% completed its oil production reduction quota in August.

In April this year, OPEC and non-OPEC oil-producing countries reached an agreement to reduce production.

The scale of production cuts from May to June this year was 9.7 million barrels per day, and the scale of production cuts from

July to the end of the year was reduced to 7.7 million barrels per day. 

In June, OPEC and non-OPEC oil-producing countries agreed to extend the average daily output reduction of 9.7 million

barrels to the end of July. On July 15, OPEC issued a statement stating that OPEC and non-OPEC oil-producing countries agreed to reduce production to 7.7 million barrels per day starting in August.

OPEC and non-OPEC oil-producing countries held a ministerial meeting in August to review the implementation of the production reduction agreement and maintain the level of production reduction unchanged.

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