Press "Enter" to skip to content

At a Russian-Saudi request .. OPEC will increase production during the current year

BAGHDAD, Russia and Saudi Arabia will ask the Organization of Petroleum Exporting Countries (OPEC) to increase output by 1.5 million bpd in the third quarter of this year," Russian Energy Minister Alexander Novak said.

"Moscow and Riyadh are proposing an increase (in production) in the third quarter of 1.5 million barrels per day and monitoring the market situation afterwards," Novak was quoted by Novosti as saying.

"We are proposing this for the third quarter, in September, we will study the situation in the market and decide the course," he said. "There will be an increase in demand, so this kind of proposal is really useful."

Since the beginning of 2017, an agreement has been put in place to limit the production of OPEC and its partners, allowing the price of crude to rise, but some parties fear the offer will decline due to lower Venezuelan production and US sanctions on Iran. Both Saudi Arabia and Iran want to raise the production ceiling set in the agreement and are currently discussing the size of the increase.

Russian President Vladimir Putin and Minister Novak met Saudi Crown Prince Mohammed bin Salman on the sidelines of the 2018 World Cup.

Source: National Iraqi News Agency