Novak: No suggestions on terms of OPEC+ deal after July

MOSCOW, Jun 21 (PRIME) -- There have been no suggestions on the OPEC+ oil output reduction deal parameters after July, Deputy Prime Minister Alexander Novak told PRIME on Monday.

On June 1, the OPEC+ alliance agreed to follow an earlier plan to raise oil production in July.

“We will look into it in 10 days, we have different options in general. We can approve it for a month or several months at once, or we can even do it for a longer period. We will discuss it with our colleagues. There have been no suggestions made so far. We will work on them closer to the meeting (scheduled for July 1),” Novak said.

The impact from return of the Iranian oil to the global market should be definitely taken into account, but the alliance has to understand the exact schedule and amounts, he said.

The OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels. Reduction quotas were adjusted several times, while the reduction target amounts to 6.9 million barrels per day as of April 2021, 6.55 million for May, 6.2 million for June and 5.76 million for July.

Taking into account the voluntary contribution of Saudi Arabia, the real output cut amounted to 7.9 million barrels per day in April, 7.3 million in May, expected at 6.6 million in June and 5.76 million in July.

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