Russia has important values for the success of OPEC+, therefore its presence in the agreement is necessary, the new Secretary General of the organization Haytam al-Gais said.
“Russia is a strategic partner and one of the largest manufacturers (energy resources), and its presence with us in the OPEC+ alliance, in reducing production is important for the success of the agreement,” he said in an interview with the Kuwaiti newspaper Al Ra’i.
The transaction of the OPEC states and the countries that are not included in the organization (OPEC+), has been operating since 2017. Its goal is to stabilize the oil market, on which at that time there was an excess supply, which is why the prices of black gold fell. Initially, OPEC implied a reduction in the production of an alliance by 1.2 million barrels per day for six months, but since then the agreement has been extended more than once, and its parameters have changed.