Novak: Russia is inclined to extend the agreement with OPEC to reduce production

Novak: Russia is inclined to extend the agreement with OPEC to reduce production


MOSCOW, may 4. /TASS/. Russia is ready to extend the agreement with the Organization of countries – exporters of oil (OPEC) to reduce production, reports RIA Novosti citing Minister Alexander Novak.

“Now we are in the final negotiations on this topic with our partners and are inclined in the direction of whether to extend”, – said the head of Ministry.

According to Novak, “reduction of excess commercial stocks in the market is quite a good pace, while stocks in floating storage in tankers decreased by about half.” This happens against the background of high discipline to reduce the production countries – participants of the agreement, as well as good growth in demand, the Minister said.

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