The OPEC + countries have agreed to prolong current reduction of oil recovery till the end of July
The OPEC + countries have unanimously agreed to prolong current reduction of oil recovery till the end of July, the Minister of Energy of the United Arab Emirates Suhail Al Mazrouei informed on his Twitter page. «The OPEC countries and non-OPEC countries have unanimously agreed to prolong current reduction till the end of July and completely to take up obligations from the beginning of action of the transaction by indemnification of any volumes which have not been reduced by some countries in May», - minister wrote. As appears from the communiqué following the results of OPEC+ session, members of the organisation compensate insufficient May reduction of oil recovery within next three months. «The OPEC countries and non-OPEC countries have also agreed to prolong current quotas on reduction of daily oil extracting for 9,7 million barrels per day for one month, i.e. till the end of July. The countries which have not carried out of the obligations for May-June under the transaction of the OPEC +, have agreed to compensate extraction at the expense of indicators of July, August and September», - as told adviser to the Minister of Energy, Zamina Aliyeva according to "Interfax". As she said, in July daily oil recovery by the OPEC countries will be reduced to 6,084 million b/d, non-OPEC countries - on 3,616 million b/d. Saudi Arabia, the United Arab Emirates, Kuwait and Oman in June in addition over quotas will reduce extraction to 1,2 million b/d. Earlier Iranian Oil Minister Bijan Zanganeh informed that the OPEC countries agreed about prolongation of the current transaction for one month, but the final decision will be accepted in case of the consent of non-OPEC countries.
