Industry and Energy

Home page

Industry and Energy

OPEC+ deal to remain valid until end of 2022 - Novak

Alexander Novak, Russian Deputy Prime Minister

16 June 2022 13:27 (UTC +04:00)

Russian Deputy Prime Minister Alexander Novak revealed on Thursday the possibility of extending the OPEC+ agreement depends on the market situation, while the deal remains valid by the end of the year, APA reports citing Tele Trader.

Novak stated that the alliance will collaborate to ensure the global energy market, and that, despite uncertainties, he believes the global energy market is balanced. At regular meetings, the ministers of the countries participating in the agreement determine the levels of oil production for the next period, with the most recent production increase of 648,000 barrels per day for the next two months.

Both Russia and Saudi Arabia account for half of the alliance's production, being the largest members of the organization.