Kremlin: OPEC+ consultations to continue until consensus is reached

Kremlin: OPEC+ consultations to continue until consensus is reached

OPEC+ consultations will continue until a consensus is reached, Russian Presidential Spokesperson Dmitry Peskov told reporters on Monday.

When asked how long consultations on the deal would take, Peskov replied that they would continue "until a consensus is reached". 

At the same time, Peskov did not comment on the very course of the OPEC+ consultations. "The work continues there, and, of course, this work cannot be carried out in some kind of public format," TASS cited the spokesman as saying.

Ministers from OPEC+ countries spent three days from June 30 to July 2, trying to reach an agreement on the levels of oil production starting August, as well as the extension of the current agreement after April 2022, when it expires, until the end of next year.

An obstacle to reaching an agreement was the position of the UAE, which asked for a revision of the base level of oil production, from which the volume of reduction is calculated. As of October 2018, it has been set the same for everyone, with the exception of Russia and Saudi Arabia, which are cutting down from the level of 11 mln b/d. The ministers will gather for a new meeting on Monday, July 5 at 16:00 pm Moscow time in the format of a video conference.