Russia Alexander Novak takes part in the 14th OPEC and non-OPEC Ministerial Meeting

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(The Government of Russia)

According to Deputy Prime Minister Alexander Novak, following consultations via videoconference the participants in the meeting reaffirmed that they would maintain current agreements in order to continue the recovery of the global oil market in 2021.

Novak said that at the consultations, it was decided to maintain the total level of oil production for OPEC+ countries in April 2021 at the level of March 2021, while Russia and Kazakhstan will be able to increase production by 130,000 and 20,000 barrels per day respectively due to the specifics of the seasonal oil consumption structure in these countries. Saudi Arabia also decided to extend an additional voluntary production adjustment of 1 million barrels per day for April 2021.

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