Economy Ministry: OPEC + restrictions restrain economic recovery

The recovery of the Russian economy from the consequences of the coronavirus pandemic is uneven due to restrictions on oil production imposed by the OPEC + agreement, said Polina Kryuchkova, Deputy Minister of Economy of the Russian Federation. She also noted that the service and catering sectors have not yet fully recovered, but said the potential for recovery growth has not yet been exhausted.

“The recovery is uneven. It is clear that the oil and gas sector is holding back the recovery due to OPEC + restrictions, the service sector and the catering sector have not fully recovered. In general, we can say that the potential for recovery growth, in our opinion, has not yet been fully exhausted, ”said Mrs. Kryuchkova at the International Financial Congress (quote from Prime).

On July 1, the OPEC and OPEC + ministers meet and the OPEC + monitoring committee meets. By the end of the day, the future parameters of the OPEC + agreement may be determined. The OPEC + permanent ministerial meeting will begin at 19:30 Moscow time. According to Bloomberg, OPEC + plans to increase production by 2 million barrels per day in August-December, and Russia and Saudi Arabia have already previously agreed on a gradual increase in production.

About the discussion – in the material of “Kommersant” “Negotiations have not chosen quotas.”

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