OPEC+ countries to deepen reduction of oil production in August

OPEC+ countries to deepen reduction of oil production in August
  • Clock-gray 17:58
  • calendar-gray 15 July 2020

Beginning from August of this year, OPEC+ (the initiative of reduction of oil production covering OPEC countries and the non-member-countries of the organization) countries will reduce oil production by a bit more than the determined 7.7 mln. barrels in the framework of the relevant agreement, the Energy minister of Saudi Arabia Abdel Aziz bin Salman said before commencement of the meeting of OPEC+ monitoring committee, APA-Economics reports.

He said this is necessary as a compensation for the reduction volumes not ensured in May and June.

Despite of restoration of oil production in August, the Kingdom will not change export volumes. The minister said he hopes that other OPEC+ countries will also maintain the export limitations.

Emil Ismayilov

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