Deputy Prime Minister of Russia Alexander Novak told that an additional reduction Saudi Arabia’s oil production under the OPEC + deal has become a “New Year’s gift”. This was reported by RIA Novosti .
According to Novak, the decision made by Saudi Arabia will accelerate the reduction of surplus stocks in the market. He noted that this country is making a very significant contribution to the restoration of normal stock levels.
On January 5, Saudi Arabia’s Energy Minister Abdulaziz bin Salman announced that the country would voluntarily cut oil production in February and March by about a million barrels per day to 8.125 million.
Earlier it was reported that representatives of Russia and Saudi Arabia were able to achieve a compromise on oil production. The Wall Street Journal’s sources familiar with the negotiation process said that Moscow and Riyadh decided to maintain the current production level in February, and are planning to increase production in the spring.