Monitoring Committee of OPEC discussed the scenarios of oil market in Russia
At a video conference meeting held by Joint Ministerial Monitoring Committee (JMMC) on behalf of OPEC, they discussed the scenarios of Russian oil market for the next months until the end of 2021, and made some recommendations on how to maintain and increase the production level in order for Russia to participate in the competition under the mutually agreed terms.
Russian Crude Oil Production Level to Scale UpThe meeting was held in two parts. The JMMC committee which is represented by eight countries had assessed the current status of oil market in Russia and globally, reviewed the outcome of the crude oil production limit announced earlier in April, and offered certain recommendations on how to act to resolve the current shortage of crude oil on the market. The participants agreed and approved the plan for increasing the oil production in Russia and the rest of the world by about 2 million barrels daily for the next several months ahead. It is still uncertain whether the parameters of April decision on oil production reduction was effective or required decisive changes. However obviously, the oil production will scale up by the end of the current year even though the present situation does not give us positive forecast as the sanctions on Iran were not lifted. We are not sure yet if anything will change for good but we hope for the best.
According to review of the Joint Technical Committee on behalf of OPEC, it is excepted that in 2021 the crude oil demand will increase by more than 6 barrels a day.
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