“The market needs a decision to reduce production. Over the coming weeks, I think we can hold consultations and make a new decision, ”the TASS minister quotes.
According to him, the main reason why the parties failed to come to an agreement was the OPEC position that non-OPEC countries must participate in the reduction.
As noted by Zangane, it takes time for everyone to calm down and negotiate again, possibly via video link.
He also expressed the view that OPEC + could reach a new agreement before April.
At the March 6 meeting, the OPEC + countries were unable to agree on either an additional reduction or extension of the transaction under current conditions.
The head of the Russian Ministry of Energy Alexander Novak said that the increase in oil production by Russia since April, when the restrictions end, depends on the plans of the companies.