Decrease quota on OPEC+ may be increased

Baku. 11 August. REPORT.AZ/ Participants of OPEC+ oil production cut agreement may reduce the amount of reduction quota which is currently running at $ 1.8 mln/bpd.

Report informs citing the TASS, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih told the Asharq Al-Awsat.

“At present, negotiations are under way to extend the agreement to reduce oil production. We can increase the oil production quota if necessary”, minister said .Al-Falih also reminded that Iraq will not take a unilateral action.

The minister also said that he is not afraid of losses of shares by his country's state-owned oil company, Saudi Aramco in the global oil market: "We are already observing oil reserves in the market.But this gradually decreases. I think our clients can compensate for the reduction in our oil supply at their expense”.