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At the meeting, in particular, the current situation on the world oil market, forecasts of changes in reserves and consumption, as well as the continuation of global cooperation of oil producing countries in the future were discussed.

Alexander Novak at the 24th meeting of the Joint Ministerial Monitoring Committee of the OPEC + countries

Deputy Prime Minister Alexander Novak took part in the 24th meeting of the Joint Ministerial Monitoring Committee of the OPEC + countries. According to the Deputy Prime Minister, for the third month in a row, the countries – the signatories of the OPEC + agreement on voluntary adjustment of production are fulfilling the deal by more than 100%. “Our joint actions allowed us to stabilize the market at the most critical moment, thanks to which it is in a stable state. The Vienna Accords exemplify an unprecedented collaborative voluntary effort to follow up on production adjustments. The Russian Federation as a whole attaches particular importance to this cooperation, ”said the Deputy Prime Minister.

Alexander Novak stressed that Russia intends to adhere to these agreements in the future, especially in the context of the continuing uncertainty in demand on world markets in the winter. The key task, according to the Deputy Prime Minister, remains to take into account all potential uncertainties, as well as develop recommendations for ensuring market equilibrium.

Much of the current instability in demand is caused by the coronavirus pandemic. “The pandemic has damaged many sectors of the economy. Decreased mobility and the transition to online mode, the shutdown of production have tested the functioning of supply chains and the dynamics of global demand. Therefore, our attention should be focused on the profound transformations that will affect the energy after the pandemic. Behavior change will have the most lasting effect. The meetings will continue online, which will affect, in particular, the workload of the aviation industry, ”the Deputy Prime Minister said.

Following the meeting, the countries participating in the agreement agreed to continue studying the situation with supply and demand in the market in the IV quarter of 2020 and to consider their further actions on the world oil market in 2021 during the next ministerial conference of the OPEC and non-OPEC countries, scheduled for December 1 2020 year.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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