Russia may pull out of OPEC+ in 2020

Russia may pull out of OPEC+ in 2020

The OPEC+ may consider wrapping up their oil output reduction in 2020, Russian Energy Minister Alexander Novak told Rossiya 24 TV.

"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," the Russian minister noted.

"I think that we will consider that this year," Reuters cited him as saying.

Russia’s energy ministry said that Novak was referring to 2020 when talking about a possible decision to wrap up production curbs “this year”.

He praised the cooperation between OPEC and non-OPEC producers, saying that global oil markets are currently more or less stable. Novak added that the oil demand may rise in the summer when more fuel is required by motorists.