The decision of OPEC + ministers made on Saturday, June 6 may accelerate the recovery of the oil market, said on Monday the president of the OPEC conference, Minister of Energy of Algeria Mohammed Arkab, reports TASS."The decision of the OPEC + ministers to extend the existing parameters of the agreement to reduce production, adopted last Saturday, could accelerate the recovery of the oil market and slow down the volume of oil storage, thereby contributing to a positive structuring of the market," Algerie Press Service quoted him as saying.Arkab emphasized that the decisions of the Saturday meeting once again confirm the enormous importance of cooperation and multilateral cooperation in an unprecedented economic downturn in order to stabilize the oil market in the interests of all. He also praised the "positive attitude and willingness of all parties to find consensus solutions, especially during intensive negotiations held before the meetings."According to Arkaba, the meetings of OPEC and OPEC + ministers on June 6 were "one of the most fruitful, given that the decisions made were proportionate to the challenges faced by the oil market in these extraordinary circumstances."The president of the OPEC conference also said that "the meetings of the joint ministerial monitoring committee, which will be held monthly until the end of the year, provide an opportunity to study the market and assess prospects, based on which additional measures will be taken if necessary."OPEC + countries at an emergency video conference on April 12 concluded an agreement to reduce oil production. It envisaged a cumulative decrease in oil production in May - June by 9.7 million bpd, in July - December - by 7.7 million bpd, in January 2021 - April 2022 - by 5.8 million bpd. At a meeting on June 6, OPEC + ministers agreed on a decision to extend the current parameters of the agreement to reduce production by 9.7 million barrels per day for another July.
