Deputy Prime Minister Alexander Novak reported the possibility of extending OPEC transaction + in conversation with RIA Novosti.
According to him, proposals for the timing for which OPEC + will determine the parameters of the transaction after July, there are currently no. “We will see it in 10 days, in principle we have different options – and for one month to accept, and for several months. We can and for a longer term,” said Novak.
Meeting of all countries OPEC + alliance are scheduled for July 1.
For the first time, the OPEC + transaction, in which members of OPEC participate, as well as third-party partners, including Russia, was concluded at the end of 2017. In the future, it was repeatedly extended, and the conditions and volumes of reduction of production were revised. Last year, the main participants could not agree on the next extension, as a result of which the agreement broke out, and the world oil prices had sharply decreased. After a month later, the parties were able to come to new agreements.