UPDATE: Novak: Russia wants to exclude condensate from OPEC+ quotas

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MOSCOW, Nov 28 (PRIME) -- Russia is preparing calculations, which would exclude gas condensate from the quota mechanism under the OPEC+ oil output cut deal, Energy Minister Alexander Novak told reporters on Thursday.

“We have not made a decision, we are discussing, calculating… and will make conclusions on the basis of the calculations,” he said.

Lukoil First Executive Vice President Ravil Maganov said after Novak’s meeting with the representatives of Russian oil companies that Lukoil supports the idea to exclude gas condensate from the quotas.

On Wednesday, Novak said that adjustment to the current quotas under the OPEC+ agreement cannot be ruled out at the next ministerial meeting of OPEC and non-OPEC states on December 4.

Novak also said that Russia’s position on the future of the OPEC+ agreement cannot be disclosed yet.

Maganov also said that Russian oil producers agreed at the meeting to retain the current output quotas under the OPEC+ deal until the end of March 2020, when the deal expires.

“We will stay in the deal with the current quotas, and will meet again at the end of the first quarter (of 2020) to continue the discussion,” he said.

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.

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