OREANDA-NEWS. The deal concluded on April 12 by the OPEC+ member countries to reduce oil production does not yet have a direct impact on the market, the Kremlin said. This was reported to reporters by the press secretary of the Russian president Dmitry Peskov, the correspondent of the Russian media reports.

“It will be necessary to technologically begin its implementation. Some more time is needed, the effect will definitely come”, said Peskov, answering the question of whether the Kremlin is talking about an additional reduction in production due to the ongoing decline in oil prices.

On April 12, OPEC participants, led by Saudi Arabia, Russia and other oil-producing countries (collectively, OPEC+) agreed to reduce global oil production by a total of 9.7 million barrels per day. The parties to the agreement will reduce production by May 1, and the deal will last two years. According to experts, the total daily reduction in oil production may reach 20 million barrels.

The Kremlin said the agreement avoided chaos in the oil market. US President Donald Trump called the OPEC+ deal historic.