The OPEC+ deal, which has been regulating oil production for five years, helped return investment and confidence in the oil industry, Deputy Prime Minister of Russia Alexander Novak said in an interview with Rossiya 24 TV channel, Trend reports with reference to TASS.
"We positively assess the joint actions since 2016. They allowed us to return investments and restore confidence in the industry. This is a strategically longer period for planning our activities," he said.
According to Novak, the volatility in the oil market is lower today thanks to the OPEC+ deal. "We understand very clearly that the situation is being monitored every month, we are making the most correct decisions," he added.
An agreement on limiting oil production between OPEC countries and 11 non-cartel countries was signed 5 years ago - on December 10, 2016 - amid declining world energy prices. Then the countries participating in the agreement agreed to reduce the total production by 1.758 mln barrels compared to the level of October 2016.