Novak: No conditions for reaching OPEC+ deal - Breaking The News

Novak: No conditions for reaching OPEC+ deal

13 March

1 min read

EPA-EFE/FLORIAN WIESER

There are no required conditions for reaching an agreement on oil output cuts within the Organization of the Petroleum Exporting Countries (OPEC) members and its allies (OPEC+), Russian Energy Minister Alexander Novak said on Friday.

"You see how OPEC members behave, therefore, movement is hardly possible against this background. Quite quickly, it is possible to restore the production that was reduced in connection in October 2018. As for additional production, it will take some time to ensure investment costs" Novak asserted, adding that Russia can boost its oil output by 200,000 barrels at present.

Previously, amid the inability to agree on a deal on reducing oil production with Russia-led OPEC+, Saudi Arabia increased its output by more than 13 million barrels per day, pulling crude prices down by over 30%.

opec novak oil opec deal opec+

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