UPDATE3: Min: OPEC+ committee proposes 500,000 bpd cut Jan–Mar 2020

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VIENNA, Dec 5 (PRIME) -- The monitoring committee has recommended a further reduction in oil production under the OPEC+ agreement by 500,000 barrels per day in January–March 2020, Energy Minister Alexander Novak told reporters on Thursday following the committee’s meeting in Vienna.

OPEC+ states are yet to set the country quotas for the future cut, Novak added.

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. At present, the agreement stipulates a production cut by 1.2 million barrels per day.

Novak also said that OPEC+ states will next meet in March to discuss the market situation and make decisions on the future of the alliance.

“By that time, we will understand the market outlook and the supply and demand balance next summer to make corresponding decision.”

The minister said earlier in the day that Russia fulfills the current OPEC+ oil production cut agreement by “slightly over 100%” without taking into account gas condensate.

He said previously that Russia plans to discuss its proposal to exclude gas condensate from the mechanism to set quotas under the OPEC+ deal at a ministerial meeting to be held on Friday in Vienna.

Participants of the agreement should bear equal burden on fulfilling the obligations of the deal, Novak also said.

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