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Russia’s energy ministry: "Premature to discuss OPEC+ deal extension"

23 November 2019 23:49 (UTC +04:00)

The Russian Energy Ministry thinks it premature to talk about extending the OPEC+ deal, Russian Energy Minister Alexander Novak told reporters on Saturday, APA reports citing TASS.

"We initially stated that the deal was valid until April 1 [2020]. We will monitor the situation," the minister said.

"In my opinion, it is early now," he added when asked about the possibility that the deal might be extended until the summer.

The OPEC+ production reduction pact aimed at stabilizing crude prices is valid until the end of March 2020. In total, the countries participating in the agreement (24 crude exporters, including Russia) should reduce production by 1.2 mln barrels per day to the level of October 2018. Under the deal, OPEC and non-OPEC nations are obliged to cut their oil output by 812,000 and 383,000 barrels per day, respectively.