Russian Deputy Prime Minister Alexander Novak stated that the Ministerial Monitoring Committee of “OPEC +” agreed to the additional reduction in oil production announced yesterday by countries in the group, considering that this is an important measure.
Novak said in a television interview today, commenting on the decision of countries in “OPEC +” to implement a voluntary cut starting next month: “I would especially like to point out that this is an additional voluntary cut, and this cut comes in addition to the measures that were taken in October of the year.” The past has cut production by two million barrels per day until the end of the year 2023. These decisions were taken into account and, in principle, approved today at the meeting of the OPEC + Ministerial Monitoring Committee (JMMC) as very important and necessary measures at the present time in order to stability in the market.
And the “OPEC +” group had agreed in October 2022 to reduce production by 2 million barrels per day from November 2022 to the end of the year 2023.
And yesterday, Sunday, Russia and eight “OPEC” + countries announced simultaneously and unexpectedly an additional cut in oil production by about 1.65 million barrels per day, starting from next month, to achieve stability in the global energy market.
Voluntary reductions will begin next May 2023 and will continue until the end of the year 2023. The move led to an immediate rise in the price of black gold by about 5%.
This article was originally published by RT.
