15 Apr 2020 18:54

Around 10 countries apart from OPEC+ ready to support efforts to balance global oil market - Novak

MOSCOW. April 15 (Interfax) - Around another 10 countries in addition to those participating in the OPEC+ deal have announced their readiness to support efforts to balance the global oil market, Russian Energy Minister Alexander Novak said during a meeting with Russian President Vladimir Putin and the members of the government.

"A meeting of the G20 ministers took place last week, where all ministers participated, and nearly all producers, including the United States, Norway, Canada, and Brazil noted their solidarity with the efforts of OPEC+ as well as a reduction in their own production," Novak said.

"Therefore, overall, in the first months of the agreement, oil-producing countries could reduce their daily output by about 15-20 million barrels per day," the minister said.

"That will make it possible to deal with the consequences of the drop in demand caused by the coronavirus pandemic, to stabilize the world markets, to prevent storage capacity being filled up and avoid strong oil price volatility. It will also make the oil industry and the world economy in general financial more sustainable," he said.