Report: Min says OPEC+ can agree on permanent coop early July

MOSCOW, Jun 14 (PRIME) -- The participants of the OPEC plus non-member oil production cut deal can reach an agreement on permanent cooperation in early July, Russian Energy Minister Alexander Novak told Japan’s Nikkei in an interview released on Friday.

“OPEC, and also Russia and other countries which are not part of OPEC will reform OPEC plus into a permanent discussion platform. There is a possibility that a principal agreement on this will be attained at a meeting at the beginning of July. (This way) OPEC plus will create a long-term cooperation system to stabilize oil prices,” Novak said.

He added that the OPEC plus members are also working on a draft agreement of permanent cooperation.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.

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