OPEC+ to Decide on Oil Production For One or Several Months at July Meeting

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OPEC
OPEC

There are currently no timeframe suggestions for oil production parameters that the OPEC+ countries will decide upon during their meeting next month, Russian Deputy Prime Minister Alexander Novak told Sputnik.

“We will see this in 10 days, we have different options – to adopt [an oil production agreement] for one month, or several months. We can also do it for a longer period. We will discuss this together with our colleagues. There are currently no specific suggestions, we will work them out closer to the meeting,” Novak explained.

Earlier this month, Novak said that the OPEC+ countries were going to decide on oil production parameters for August 2021, or possibly for a longer period, at a meeting on July 1.

Gazprom Neft CEO Alexander Dyukov said this month that it was possible that the OPEC+ countries may decide to further increase oil production during their upcoming meeting in July.

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