Russian min says no proposals to change OPEC+ deal amount

SOCHI, Oct 23 (PRIME) -- No state of the OPEC plus nonmember oil output reduction agreement has offered to amend the level of reduction, Russian Energy Minister Alexander Novak told reporters on Wednesday.

“No official proposals on amendment of the agreement have been made by anyone,” Novak said.

“We are living in the framework of the agreement signed on July 2 in Vienna on extension of the agreement for nine months, until April 1. This is the first thing. The second is that we continue to monitor the market situation. Any necessary adjustments are possible but naturally, they have to be justified. A good forecast is needed. So we will monitor and forecast.”

On Tuesday, Reuters reported that the OPEC and non-OPEC countries would consider deepening crude supplies reduction at their next meeting in December.

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.

End