Report: Russian Min: OPEC+ not in talks on deal rollover for 2020

ABU DHABI, Sep 12 (PRIME) -- The participants of the OPEC plus nonmember oil output reduction agreement have not discussed prolongation of the deal for 2020, Russian Energy Minister Alexander Novak told channel Rossiya 24 in an interview broadcast on Thursday.

“This has not been discussed yet and I think it is too early to speak about it because our agreement was prolonged for nine months two months ago. It’s too early. The market situation can change,” Novak said.

Novak separately said that the current oil price volatility is not a crisis. “We will be monitoring the situation. I think that the market will revive.”

He said that the OPEC plus monitoring committee confirmed commitment to a 100% fulfillment of the deal terms by all participants.

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 states 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. In July, they prolonged the deal until April 2020.

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