OPEC+ Agreement is being overfulfilled, Russia is observing its obligations in full, voluntary reductions will also be observed - Russian deputy PM
MOSCOW. June 5 (Interfax) - The OPEC+ Agreement on levels of oil extraction is being overfulfilled, Russian Deputy Prime Minister Alexander Novak said on Rossiya 24 on Sunday.
Russia is observing is obligations in full, he said.
"The agreement has recently been overfulfilled. There are some countries that are not using their [extraction] quotas in full. And the decisions that were made on the voluntary agreement since May - data on them from independent sources will become available in June - but we see that these agreements are being fulfilled. And Russia is observing its obligations in full. I am certain that the reduction announced additionally from May 1 will be observed," he said.
"There are different opinions, but they are all reduced to the fact that the situation is more or less balanced. There is a supply and demand balance, including thanks to the decisions made by OPEC+," Novak said.
"Today we see an increase in demand in 2023 now in the summer period, we see intensification of business, entrepreneurship in many countries, an increase in the number of motor transportations, an increase in the number of air transportations, and these, of course, are positive factors that increase the demand. At the same time, we are following closely the actions by the Central Banks, the Federal Reserve System of the United States, we are looking at the decisions made on key refinancing rates, it's an indicator that also affects investment, the demand for petroleum products, for energy resources in general. We are looking closely at the restoration of demand after the pandemic in the People's Republic of China," he said.