The reduction of oil reserves to the five-year average is no longer the goal of OPEC+. This was stated by the Minister of energy of Saudi Arabia Khaled al Faleh, according to the Russian Agency ANI.
The OPEC + Ministerial monitoring Committee is considering new criteria for measuring the effectiveness of a transaction. The initial benchmark – the decline in oil reserves of developed countries to the five-year average levels is already irrelevant, said al-Faleh. The floating indicator already takes into account the excess stocks of 2014.
According to OPEC+, in April, the reserves exceeded the five-year norm by only 12 million barrels, having decreased since the beginning of the transaction by more than 300 million barrels, reports TASS.
At the meeting in Vienna on June 22-23, OPEC + Ministers will discuss new guidelines for the deal.