Russian Energy Minister Novak told the media that to relax the Vienna production reduction agreement, OPEC+ oil producers could consider increasing oil production to 1.5 million barrels per day. He said: "We believe that we need to balance the market and prevent a surplus, that is, to prevent the market from changing in the opposite direction. It should be balanced. At present, we can consider setting the standard at 1.5 million barrels per day." It was pointed out that on June 13th, the Saudi oil minister Falih met to discuss the issue of increasing production within the framework of the OPEC+ production reduction agreement. Novak and Falih said in May that they could increase oil production within the framework of an oil production reduction agreement. A decision on this may be taken at the meeting of representatives of States parties to the agreement held in Vienna on June 23. At the end of 2016, OPEC members and other oil-producing countries reached an agreement in Vienna, which decided to reduce oil production by 1.8 million barrels per day at the level of October of that year, of which Russia reduced production by 300,000 barrels. In November 2017, countries decided to extend the oil production reduction agreement to the end of 2018.
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