Novak: Russia may withdraw from OPEC + in 2020

Reducing oil production within OPEC + is not an eternal process, and someday it will be necessary to make a decision to exit in order to maintain market share and so that Russian oil companies could implement their promising projects, Minister of Energy of the Russian Federation Alexander Novak said on the Rossiya24 TV Channel. Report quotes the Russian minister as saying that Russia may withdraw from OPEC+ in 2020.

"I don't think this agreement is age-long - it was fruitful during 2017-2019. We also increased production during the period when it was necessary to ensure growth for raising consumption, and it was back in 2018.

The minister also noted that in spring, Russia would discuss with the OPEC + partners the situation on the market and the fate of the OPEC + deal, which is valid through April 1.