OPEC+ called the growth of oil production in Russia and Kazakhstan by 150 thousand barrels per day (bpd) in April in line with the seasonal pattern of oil demand. This is stated in the communiqué published at the end of the OPEC+ meeting.
"Ministers approved to maintain March production levels during the month of April, with the exception of Russia and Kazakhstan, which will be allowed to increase production by 130,000 and 20,000 bpd, respectively, due to continued seasonal consumption patterns," the document said. Saudi Arabia will extend the voluntary reduction of oil production by 1 million bpd for April.
In addition, at a meeting of OPEC+ ministers extended the deadline by which members of the alliance must compensate for oil overproduction, from March to the end of July 2021.
Russian Deputy Prime Minister Alexander Novak said at a press conference following the meeting that the meeting emphasized the need to adhere to existing agreements. "This is important for those countries that have not yet completely fulfilled their obligations [under the OPEC+ deal]. It was agreed that the repayment period will be extended until the end of July," he said.
"We reviewed today the issues on our agreements, also the situation in the market and the forecasts in the medium term, for several months, until the end of the year," Novak added.
The next meeting of OPEC+ countries will take place on April 1, 2021. The meeting of the Joint Ministerial Monitoring Committee (JMMC) will be held on March 31, 2021.
Ministers of OPEC+ countries at a meeting on March 4 worked out recommendations on oil production levels for April 2021. As a result of the negotiations, it was decided to keep next month's production levels at current levels. An exception was made for Russia and Kazakhstan.
GSV "Russia - Islamic World"
Photo: Creative Commons
Based on materials from TASS