Russian min says no decisions to cancel OPEC+ meeting in March

MOSCOW, Jan 15 (PRIME) -- Russia has received no notifications about cancelling the next OPEC+ meeting to prolong automatically the deal until June and assumes it will take place in March, Energy Minister Alexander Novak told reporters on Wednesday.

“You know, I’ve read it in the news, in one of the news agencies. No one has officially contacted us at all, and even informally, so we heard about it for the first time. We proceed, in principle, from the fact that there are agreements now, which no one has canceled, that we are meeting in March,” he said.

“Moreover, the agreement is valid until April 1, and we need to meet in March in order to see the current situation and determine further joint actions.”

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. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.

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