OREANDA-NEWSThe Russian Ministry of Energy believes that not all OPEC+ countries will be able to complete a deal to reduce oil production by 100%. However, market conditions will stimulate the parties to the agreement to reduce production, said Deputy Energy Minister Pavel Sorokin in an interview on the online resources of the Roscongress Foundation.

The deputy minister is confident that OPEC countries will be motivated to execute a deal to reduce production, because otherwise a collapse will occur in the market, after which the oil price may drop to $ 20 per barrel, and after recovery in demand rise to a level above $ 100, which will negatively affect demand. "The main factor that affects the behavior of the parties, their discipline, is an understanding of the inevitable punishment for the lack of action. That is, the punishment is a collapse of the market, no one is interested in it: neither the producer nor the consumer. This is a yield of $ 20 per barrel", he noted.

As noted by Sorokin, the Russian Federation expects to achieve the maximum level of reduction in oil production in the framework of the OPEC + deal in the shortest possible time.