Russia's Energy Minister Called For Full Implementation Of the Agreement To Reduce Oil Production

Russian Energy Minister Novak Novak on Tuesday called on oil producers to fully implement an agreement between the Organization of the Petroleum Exporting Countries (Opec) and non-OPEC producers to cut output.

"The current international oil market is not stable, and relevant producers should fully implement the agreement reached between Opec and non-OPEC oil producers to reduce oil production," Novak said at a meeting of the joint ministerial supervision committee of Opec and non-OPEC oil producers, Russian media reported.

Mr Novak said there were still many uncertainties in the world oil market. On the one hand, coVID-19 has dealt a heavy blow to many economic sectors, including the oil market, and it faces many difficulties in restoring the global economy and oil demand. Global energy investment, on the other hand, is expected to fall by 18-20 per cent in 2020 compared with 2019. To this end, it is necessary to continue to improve and consolidate the cooperation mechanism between Opec and non-OPEC producers, and all oil producers should support this mechanism.

Mr Novak said in September that Russia had met nearly 100 per cent of its quotas in August under this year's agreement between Opec and non-OPEC producers to cut production.

Opec and non-OPEC producers agreed in April to cut output by 9.7m b/d in May and June, before cutting to 7.7m b/d between July and the end of the year. In June, Opec and non-OPEC producers agreed to extend production cuts of 9.7m b/d until the end of July. On July 15, Opec said in a statement that the cartel and non-OPEC producers agreed to cut output to 7.7 million barrels a day starting in August.

Opec and non-OPEC producers met at ministerial level in August to review the implementation of the cut agreement and keep the level unchanged.

Daily Recommendation: Wellbore CleanOut Tools（Casing Scraper, Casing Brush, String Magnet) 
Contact: jerry@kwoil.cn;  linda@kwoil.cn,
WhatsApp/ Tel: +86 151 0293 5475