Russian min says OPEC plus can discuss new quota raise in Sep - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Russian min says OPEC plus can discuss new quota raise in Sep

JOHANNESBURG, South Africa, Jul 27 (PRIME) -- The OPEC plus nonmember oil output reduction deal participants can discuss a new increase of the quotas in September depending on the market situation, Russian Energy Minister Alexander Novak told reporters on Friday.

УWe have decided so far (to raise) by 1 million barrels until the end of the year. On condition that we shall see in September, if production and consumption balance is achieved, taking into account the factors of Libya, of production in other states,Ф Novak said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

Novak said that Russia will raise production by 200,000Ц250,000 barrels per day in July in line with the OPEC plus decision.

The minister also thinks that the oil market has already priced in the intent by the U.S. to slap sanctions on Iran in November.


27.07.2018 09:48
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 76.9498 -0.1194 16 jan
USD 67.0820 -0.1100 16 jan
Stock Market Indices
1D 1W 1M 1Y
rtsi 1148.03 +0.08 18:50 15 jan
micex 2439.55 -0.02 18:50 15 jan
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 158.15 -1.45 18:49 15 jan
lkoh 5195.00 -0.10 18:49 15 jan
rosn 424.35 -0.83 18:49 15 jan
sber 198.00 +0.61 18:49 15 jan
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 76.6775 -0.3525 14:59 15 jan
USDTD 67.0100 -0.0900 17:44 15 jan