Russian Energy Minister Alexander Novak said that the extension of the "OPEC +" agreement to reduce oil production, would have a positive impact on the oil market.
Novak said after the meeting of the "OPEC +" countries today, Saturday, that the most important thing is to assure everyone of their pledges to implement the deal 100%, noting that "this is a commitment of great importance and the impact of joint steps on the market will be positive."
Novak pointed out that the "OPEC +" deal was implemented in May by about 90%, adding that Russia has implemented 96% of its obligations, and that accurate information on each country will appear at a later time.
Novak stressed that all countries, including Mexico, will continue to reduce production in July with a total volume of 9.7 million barrels per day, noting that earlier it was planned to reduce the obligations to reduce production to 7.7 million barrels, but during today's meeting it was agreed to refrain from that.
He said: "I think this decision is correct. There were various options under consideration, including the extension for a longer period, but we agreed to monitor the market conditions every month."
Source: Interfax
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