He was speaking at OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah, Saudi Arabia, Azerbaijan’s Energy Ministry told reporters.
Global oil prices showed growth on May 20, the main impetus for which were signals from the cartel about possible continuation of the oil production cut until the end of the year and the situation around Iran.
As part of the meeting, a report on oil production in April was presented by the joint technical commission of the OPEC Monitoring Committee. The participants discussed development trends of the global economy and the oil market and analyzed the level of fulfillment of commitments in the format of the OPEC+ agreement.
It was noted that the high level of fulfillment of commitments under the agreement had a positive effect on the oil market, especially on oil prices.
The report reads that the commitments of OPEC+ countries in April were fulfilled by 168 percent, and the average level of commitments from January to May was 120 percent.
“These indicators are considered as factors that have a positive impact on global economic development compared to the fourth quarter of 2018,” the report said.
OPEC+ is going to consider further steps on balancing the oil market at a meeting in Vienna scheduled for June 25-26.
So far, the positions of the two leading “players” in the OPEC+ agreement, Saudi Arabia and Russia, do not coincide. Russia believes that it is possible to weaken the requirements for reducing oil production, while the Saudis still see threats to the balance of the “fragile” energy market.
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