OPEC+ COUNTRIES HAVE EXTENDED THE DEADLINE FOR SOME PARTICIPANTS IN THE DEAL

During the OPEC+ meeting, which took place this week, the issue of compensating for the lag in reducing oil production by some countries was discussed. As a result, it was decided to extend until the end of September the period during which they must fulfill their previously accepted obligations in full. Within the next two weeks, these countries will provide a detailed plan to eliminate the backlog. The ministers of the countries participating in the agreement noted the important role of Saudi Arabia, which, as is known, voluntarily announced a decision to further reduce the volume of oil production by 1 million b/d. The participants of the meeting noted some improvement in the situation on the world market. This is facilitated by vaccination of the population, which is carried out in a number of countries around the world. However, it is too early to talk about stability. In this regard, OPEC + confirmed its intention to hold meetings on a monthly basis. This will allow you to make operational decisions in accordance with the conditions that are formed in the market.