OREANDA-NEWS. Russian Energy Minister Alexander Novak arrived at OPEC headquarters to negotiate a reduction in oil production under the OPEC + deal, a Russian media correspondent reports.

The minister left Vienna on Wednesday, March 4, before the completion of the OPEC+ monitoring committee, which discussed additional restrictions on oil production by 1.5 million barrels per day. Russia and Kazakhstan, according to Russian media sources, did not support this proposal. Today Novak should voice Russia's position on the volume and timing of the reduction.

In addition, it was reported that OPEC ministers held additional informal consultations on Thursday, March 5, and recommended that OPEC+ allies increase oil production cuts by 1.5 million bpd not only for the second quarter, but also until the end of 2020. OPEC proposes such a measure in order to offset the drop in oil demand due to the coronavirus.

Earlier, Minister of Energy of Kazakhstan Nurlan Nogaev said that OPEC+ countries are now discussing the possibility of extending the agreement to reduce oil production only for the second quarter, since it isn't known how the market will behave in the future yet. Other options, he said, were not considered.