The participants in the transaction may compensate the lack of reduction of oil production over the next three months.
Participating countries of the agreement on OPEC + unanimously agreed to extend the current reduction in oil production until the end of July. On Saturday, July 6, Interfax reported with reference to the UAE energy Minister Suhail al-mazroui.
“OPEC countries and non-OPEC unanimously agreed to extend the current reduced until the end of July and fully commit themselves to the transaction by payment of any amounts that have not been reduced in some countries in may,” – said the Minister.
In a communiqué following the meeting of OPEC+ indicated that the participants in the transaction may compensate the lack of reduction of oil production over the next three months.
“OPEC and non-OPEC agreed to the current quota to reduce daily oil production to 9.7 million b/d for another month, i.e. until the end of July. Countries that have not fulfilled their obligations for may-June for the transaction of OPEC+, agreed to compensate the production due to the indices of July, August and September,” – said in comments to the Agency Advisor to the Minister of energy of Azerbaijan, Zamina Aliyeva.
According to her, in July, daily production of oil by OPEC countries will shrink by 6,084 million b/d, non-OPEC – at 3,616 million b/d. Saudi Arabia, UAE, Kuwait and Oman in addition to quotas to reduce production by 1.2 million b/d.