Novak said about the “key role” Putin’s deal with Saudis on oil

Russian President Vladimir Putin has played an important role in the conclusion of an agreement to reduce oil production, without its participation the transaction could not take place. This was announced by energy Minister Alexander Novak in interview to the program “Vesti” on TV channel “Russia-1”.

“The President of Russia Vladimir Vladimirovich Putin has played a key role in that agreements were reached between OPEC+. We saw a number of differences. Recent days, the President contacted repeatedly with the President of the United States, and with the king of Saudi Arabia. It was a constant negotiation, in detail. Without the President’s involvement the transaction would not take place”, – said Novak.

OPEC+ at an emergency meeting on 12 April were able to finalize a deal on production cuts in may and June, negotiations on which began on 9 April. The total quota for the production decline in the next two months will be 10 million b/d and 9.7 million b/d, as lower than expected quota of took over Mexico. Russia and Saudi Arabia under the terms of the agreements will reduce oil production on an equal share of 2.5 million b/d from the baseline to 11 million b/d.

The agreement will operate for two years, but from July to December 2020 under reduction in the framework of the Alliance falls to 7.7 million b/d from January 2021 to the end of April 2022 to 5.8 million b/d. the parameters of the deal may be revised in December 2021.

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