Kremlin: OPEC+ deal prevented chaos in market

‘Russian government thinks the OPEC+ deal leads to stability in the market and appreciates it,’ said Dmitry Peskov, Press-Secretary of President of the Russian Federation.

According to him, this agreement proves the ability of the participating countries to come to an agreement and make a concession for stability in the market.

On Sunday, the OPEC+ participants reached an agreement to reduce the output by 23% (9.7 million barrels) in May-June, 18% (7.7 million barrels) from July until the end of 2020, and 14% (6 million barrels) from January 2021 till April 30, 2022. Russia and Saudi Arabia will calculate the output cut from the level of 11 million barrels. At the same time, the remaining quota for Mexico, which will cut the production by only 100,000 barrels, will be compensated by the U.S.