Al Saud: OPEC to bring good news Fri, deal to exclude condensate

VIENNA, Dec 6 (PRIME) -- Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al Saud promised the market will hear good news from the participants of the OPEC plus nonmember output reduction agreement late on Thursday.

“You will hear perfect news tomorrow,” the Saudi minister said. “There is always harmony between the members of OPEC,” Al Saud.

The minister said that a meeting with the non-OPEC members of the OPEC plus deal will be held on Friday.

Russian Energy Minister Alexander Novak said that the deal would no longer include n gas condensate, a crucial term for Russia.

“Recommendations which we presented to exclude condensate from the monitoring were accepted,” he said. “To switch to monitoring under the method of OPEC. OPEC does not include condensate, only oil. So there will be the same method of calculation for non-OPEC states.”

Novak said that the OPEC plus states will discuss distribution of oil output cut quotas on Friday.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020. At present, the agreement stipulates a production cut by 1.2 million barrels per day.

End