MOSCOW, Jun 14 (PRIME) -- The expansion of the oil production cut deal between OPEC and non-OPEC states will stabilize the oil price at around U.S. $60 per barrel, Gazprom Neft CEO Alexander Dyukov told Rossiya 24 television channel on Friday.
“The mechanism has demonstrated its advantages, and the market understands that the participants are ready to react to any event any time… by reducing or increasing the production,” he added.
In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.
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