Novak says OPEC+ may sign new long-term deal in December

Novak says OPEC+ may sign new long-term deal in December

Russian Energy Minister Alexander Novak said on Tuesday that the OPEC+ oil group may sign a new long-term cooperation deal at the beginning of December, Reuters reported citing the TASS news agency.

OPEC, Russia and other non-OPEC members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. Months of underproduction in Venezuela and elsewhere had pushed adherence higher.

Novak did not provide details.

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