OREANDA-NEWS. The head of the Ministry of Energy of Russia Alexander Novak reported that the new deal OPEC+ with 23 participating countries will be in effect until May 1, 2022.

The politician confirmed the information on the terms of the transaction. During the first two months, May and June, production decline will be 10 million barrels per day. From early July, it will be partially restored and the reduction will be limited to 8 million barrels. In 2021, the quota for member countries will be limited to 6 million barrels per day. The agreement is concluded for two years, until May 1, 2022.

Novak stressed that, if necessary, the parties can take additional measures to stabilize the market situation. “We will need to monitor the situation on the market, it will change. If necessary, either additional measures will be taken, or production in the countries will be restored in faster ways,” the Minister explained.