Novak: OPEC+ deal saves energy market

Novak: OPEC+ deal saves energy market

The OPEC+ deal on oil output cuts reached last year saved the global energy sector from a collapse and prevented oil prices from dropping below zero, Russian Deputy Prime Minister Alexander Novak said in an interview with RBC TV.

"There were some risks that unless joint coordinated steps on cutting output had been taken the prices could have turned negative and production could have declined chaotically everywhere. This would be a collapse moment," he said.

"We needed to prevent this and it was important to come to terms so that every major exporter and producing country carry out a certain coordinated policy on cuts. In my view, we have managed to do this and this has saved the oil market," Novak added.

The ministers from OPEC+ countries are scheduled to meet today in order to establish quotas for production in February 2021.