Moscow — Russian energy minister Alexander Novak said Friday that following intensive talks OPEC and non-OPEC countries have agreed to cut production by 10 million b/d in May and June, in an interview aired on the Russia 24 TV channel.
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Novak said 23 countries had agreed to take part in the cuts, which would remain in force until May 1, 2022. From July until the end of this year the combined cut would by 8 million b/d. From the start of 2021 until May 2022, the cut will be 6 million b/d, Novak said.
"It is important that we monitor the situation. It will, of course, change, and when necessary OPEC+ will take additional measures, or restore production," Novak said.
He added that the group should act in the interests of both producers and consumers to reduce market volatility.