The OPEC+ joint monitoring Committee at the Ministerial level agreed to relax the maximum quotas that had been in effect for three months and increase oil production. This was stated at a press conference after the meeting by Saudi energy Minister Abdel Aziz bin Salman.
They also agreed to tighten quotas for a number of countries that did not meet the parameters of the agreement in previous months. As a result, the overall level of production decline will be slightly higher than expected.
Instead of the 7.7 million barrels stipulated in the agreement (currently 9.7 million), the reduction will be 8.2 million, said bez Salman. At the same time, he added that the figures have been approved so far without taking into account problems with the execution of the deal in June.
Even before the meeting, the Saudi Minister confirmed that the volume of exports of the Kingdom, despite the increase in production, will remain. The country will use the excess for its own needs. In turn, Russian Energy Minister Alexander Novak suggested that the supply on the oil market in August will not change in General, since other producers will do the same and try to sell raw materials on the domestic market.
It is assumed that the new level of restrictions will be in effect until the end of the year, and then, until May 2022, the total quotas will fall to 5.8 million barrels.
The decision was expected, so the oil quotes did not change much. As of 18:35, the price of Brent is $ 43.23 per barrel, and WTI is $ 40.61.