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Novak revealed details of a new agreement by OPEC to reduce production

OPEC extended the reduction of oil production to 9.7 million barrels per day in July, said the head of Ministry Alexander Novak.

According to the Minister, the decision was made to strengthen the impact of the deal reached in mid-April.

"The market has stabilized, reduce risks and uncertainty, which we still see," explained Novak.

Another reason for the extension of the reduction, he called the excess reserves.

"We have to go on the deficit," - said the head of Ministry.

He called it the right decision, adding that all Russian companies supported the extension of the reduction for July.

Novak also noted that all the parameters of the deal remained on July. The Minister admitted that the timing of the transaction until 2022, can change to smaller or larger side.

"The market is so unpredictable, volatile, largely depends on the economic situation in the world. We took a large enough long-term of the agreement: if earlier it was six months, a maximum of nine, today two years. It is a signal to the market that we are in a period of two years at least will look and to take joint action to balance the market," he said.

The Minister added that the country nedosypayuschie the deal will further cut production for several months.