Saudi Arabia considers it necessary to extend the deal to reduce oil production for the OPEC + countries for 2021, said Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud.

An increase in oil production by 400 barrels per day per month for the countries participating in the OPEC + deal is not enough to stop the cuts in April 2022. The extension of the OPEC + deal is the basis, and the increase in oil production is part of our proposal, the minister said.

OPEC + has cut its production by 9.7 million barrels per day since May last year due to a drop in oil demand caused by the coronavirus pandemic.

As the situation stabilized, the restrictions were adjusted, and as of July 2021, they amount to 5.76 million barrels per day. The baseline for all is October 2018, and for Russia and Saudi Arabia - 11 million barrels per day.