Russia and Saudi Arabia are committed to the OPEC+ deal on oil output cuts and will be monitoring the situation, Russian Deputy Prime Minister Alexander Novak said at a briefing after the bilateral meeting in Riyadh on Saturday, APA reports citing TASS.
"Today, my friend and colleague and I discussed cooperation in the OPEC+ multilateral format, and joint action and coordination in the international market. We reaffirmed our commitment to the agreements, which are in effect to date, and to our cooperation, which is, first and foremost, aimed at the market recovery at the soonest possible time and at reaching a balance," he said.
The next OPEC and non-OPEC Ministerial Meeting is scheduled for January 4, 2021. The OPEC and non-OPEC nations will determine oil production for February. The meetings are to be held monthly. OPEC and other oil-producing allies seek to increase oil production by two billion barrels per day within the winter and spring of 2021.
"The oil market is still volatile, so it must be regularly monitored," he said. -0—mil/
The renewed OPEC+ deal has been in effect since May 2020. In April, OPEC and its oil-producing allies agreed on oil output cuts by 9.7 mln barrels per day, which is an unprecedented amount of all time. Since August, the cuts were reduced to 7.7 mln barrels per day. In January 2021, the crude production will be increased, but gradually. The alliance agreed to boost oil production by 0.5 mln barrels per day each month. They all will increase crude production by 2 mln barrels per day.
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