OREANDA-NEWS. The Russian Ministry of Energy agreed with oil companies that they would reduce oil production under the OPEC  transaction proportionally, depending on the volume of oil extraction from each company from the level of February 2020. This was announced by Energy Minister Alexander Novak in an interview with Russian media.

"All companies have confirmed the mechanism, methodology for the distribution of volume or quotas for reduction. The quota was distributed between the companies in accordance with the proportion of the volume of production in February 2020. None of the companies objected", he said. According to Novak, oil companies are currently doing everything possible to ensure minimal risks for the restoration of oil production in the future.

“Both we and companies understand that there are features in production reduction technologies so that we do not lose the opportunity to build capacity in the future. Today, companies related to geology, technology and economics are trying to solve this issue on the instructions of management. The goal is to ensure minimal risks for recovery in the future", the minister said.