Energy Minister Alexander Novak

© Mikhail Metzel/TASS

DHAHRAN, June 16. /TASS/. Russia and Saudi Arabia at the meeting in Moscow agreed to extend the agreement OPEC+ on a permanent basis, it is proposed to consolidate the option to adjust production at any time. The journalists said the Minister of energy of Russia Alexander Novak.

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“I would like to remind you that two days ago, meeting crown Prince Mohammed bin Salman in Moscow with President Putin, too, was one of the historical solutions is to extend cooperation between our countries, the so-called OPEC agreement+ on an indefinite basis,” he said at the opening of the cultural center in Saudi Arabia.

“I think that [the current agreement]. Just need to institutionalize and not the specific amounts . It is likely to be allowed to make a decision [on the regulation of production], if need be,” said Novak after the ceremony the journalists, answering the question TASS.

The Minister also added that this issue will be discussed with the other parties to the agreement.

“They have previously also acted to renew. Just, the format of interaction needed to search,” said Novak, answering the question TASS. He noted that this issue “will be spoken with all the parties to the agreement”.

The meeting will be held next week in Vienna on 22-23 June. It is also planned to discuss the issue of mitigation of current reduction quotas.

The growth of oil production

The planned increase in OPEC production+ 1.5 barrels per day can be extended only for the period of the third quarter of this year, told reporters energy Minister Alexander Novak.

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“First, we are talking about how to raise [production] only in the third quarter. And in September to look at the situation on the market and continue to evaluate what to do next,” said Novak. According to him, in the third quarter is expected to increase oil demand, “therefore, these proposals [of increased production] – they are suitable”.

“We need to give equal opportunities to all. I think it is fair to allocate the volume in proportion to the quota reduction”, – he added.

Novak also explained that we are talking about production growth of 1.5 million barrels per day from 1 July and not on reducing the current quota from 1.8 million to 1.5 million barrels as last week, some media wrote.

“We had in mind to raise to 1.5 million barrels per day. We are not to blame for the fact that someone misunderstood” – he said.