Members of OPEC+ deal called to develop mechanism of withdrawal from deal

Alexander Novak, minister of energy of Russia, has called the members of OPEC+ deal to develop and coordinate the mechanism of withdrawal from the deal, reports Kommersant newspaper.

"It must be smooth, preventing any sharp rise in production volumes which may result in domination of proposal over demand," he said.

In his words, it would take several months for Russia to withdraw from the deal.

"It will be possible to determine the period of smooth production increase after withdrawal from the deal. It may take three, four, five months, but may be two," he said.

OPEC increased the prognosis of oil demand for 2018 on Monday. The organization increased the prognosis of oil demand in the world from 98.51 to 98.6 mln barrels per day in 2018.

OPEC expects growth of demand by the results of the year to make 1.59 mln barrels per day against 1.53 mln barrels per day declared in January.