OPEC+ committee recommended to increase production by 1 million barrels per day

The OPEC+ monitoring committee recommended the organization and non-member countries to increase oil production by 1 million barrels per day. This was reported in Vienna by the head of the Russian Ministry of energy Alexander Novak.

The Minister also added that the recommendation contains special positions for some countries.

"There will be a recommendation from OPEC and non-OPEC to consider increasing production by one million barrels per day," the Minister answered the question of the Committee's final recommendations. According to him, this recommendation contains special positions for some OPEC+countries.

The Minister also said that this proposal will be considered at the OPEC summit on Friday, as well as at the General Ministerial meeting of OPEC+ on Saturday, RIA Novosti reported.

 OPEC and a number of non-member countries (OPEC+) agreed at the end of 2016 in Vienna to reduce oil production by a total of 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The deal came into force from the beginning of 2017 and was extended twice, the last time — until the end of 2018.

On Friday, a meeting of OPEC countries will be held, and on June 23-a meeting of all 24 countries of the OPEC+agreement. It is expected that these meetings will discuss the possibility of increasing production. The reason for this is the fear of an oil shortage in the market, supporting prices in the range of 70-80 dollars per barrel. At the same time, the actual decline in OPEC+ oil production has recently exceeded the levels of agreements by about 1 million barrels. Russia and Saudi Arabia offer to increase production of OPEC+, in particular Russia — 1.5 million barrels per day in the third quarter.

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