“The decision was made by the OPEC and non-OPEC countries in total from January 1, 2020 until the end of the agreement, which means by the first quarter, to further reduce production in the amount of 500 thousand barrels per day,” RIA Novosti quoted him as saying.
Novak said that in a period of falling demand for oil to “balance” the market, it is necessary to further reduce oil production. According to the head of the Ministry of Energy, this quota applies to all countries.
Earlier, the Minister of Energy of Azerbaijan Parviz Shahbazov said that the OPEC + countries agreed on an additional reduction in oil production from January 1, 2020.