Russia’s Novak says OPEC+ may consider ending oil output cuts this year

Russia’s Novak says OPEC+ may consider ending oil output cuts this year
Russia’s Novak says OPEC+ may consider ending oil output cuts this year

Thank you for reading the news about Russia’s Novak says OPEC+ may consider ending oil output cuts this year and now with the details

Jeddah - Yasmine El Tohamy - MOSCOW: The Organization of the Petroleum Exporting Counters and its allies, known as OPEC+, may consider wrapping up their oil output reduction in 2020, Russian Energy Minister Alexander Novak said on Friday.
“As far as the production cuts are concerned, I repeat once again, this is not an indefinite process. A decision on the exit should be gradually taken in order to keep up market share and so that our companies would be able to provide and implement their future projects,” Novak told Rossiya 24 TV.
“I think that we will consider that this year.”
Russia’s energy ministry said that Novak was referring to 2020 when talking about a possible decision to wrap up production curbs “this year.”
OPEC+ has been capping its output since 2017 in order to balance out the supply and demand on the global oil market as well as prop up oil prices.
Novak praised the cooperation between OPEC and non-OPEC producers, saying that global oil markets are currently more or less stable. He said that the oil demand may rise in the summer when more fuel is required by motorists.
OPEC+ this month decided to prolong its oil output restriction deal until the end of March and to deepen the cuts in order to balance out the oil market.

These were the details of the news Russia’s Novak says OPEC+ may consider ending oil output cuts this year for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Lingering US fiscal talks, rising COVID cases, US-China trade review
NEXT CPF and AGFE sign a MoU to support Jordan’s youth