Russia and Saudi Arabia ratified bilateral cooperation in oil

Caracas.- Ministers of Energy of Russia and Saudi Arabia, Alexandr Nóvak and Khalid Falih, ratified their bilateral commitment to oil on Tuesday and discussed plans for the future. increased production to meet market demand. .

According to a Sputnik report, the two ministers held a telephone conversation during which they "examined (in addition) a modification of the monitoring method, given the task of reducing the compliance rate to 100%, according to the declaration of OPEC countries and non-OPEC countries ".

"The ministers agreed to ask the joint technical committee to prepare the corresponding procedure to present it to the monitoring committee", they refer.
Falih and Nóvak also discussed the situation in the oil market and agreed to continue bilateral cooperation in this area.

Over the past four days, the announcements and public participation of US President Donald Trump regarding the need to increase oil production have generated noise in the market.

Up to now, there have been no major consequences, other members of OPEC, such as the Iranian Minister of Petroleum, Bijan Zanganeh, have asked their Group colleagues "refrain from taking unilateral action". of this nature "would undermine the unity of the cartel," he warned. According to reports, the owner has written to his United Arab Emirates counterpart, Suhail al-Mazrouei, who holds the presidency of OPEC this year, asking him to remind the members of the Organization who signed the Agreed on June 23 that adhere to the agreement signed.

Augmented production
OPEC oil production rose in June, in line with Saudi Arabia's record surge, according to a recent poll, a sign that the world's largest exporter is responding to calls from the United States and from the United States. other consumers. for more vintage.

The Organization of the Petroleum Exporting Countries (OPEC) produced 32.32 million barrels per day (bpd) in June, according to the survey, or 320,000 bpd over the previous year. ;in May. The June total is the highest since January 2018.

By the end of 2016, the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and 11 non-cartel producers have started trading. agreement in Vienna to reduce joint production. , 8 million barrels a day, from the level of October 2016.