LogIn LogOut

Russia's Novak: OPEC+ Can Consider Returning Up to 1.5 mln bpd

June 14, 2018

© Nes Jerry/ Adobe Stock
© Nes Jerry/ Adobe Stock

Members of the OPEC+ oil production cut deal can consider returning up to 1.5 million barrels of oil per day (bpd) to the market gradually, as one of the possible options, Russian Energy Minister Alexander Novak told reporters on Thursday.

Novak also said the gradual increase is possible from July 1, but the countries who joined the global oil production cut deal are yet to discuss all the terms. The OPEC and non-OPEC countries are meeting next week in Vienna.

He added he discussed the gradual exit from the deal with Saudi Energy Minister Khalid al-Falih, in Moscow for the World Cup opening. "We in general support this... but specifics we will discuss with the ministers in a week," Novak said.

Reporting by Denis Pinchuk Writing by Katya Golubkova

Categories: Shale Oil & Gas


Current News

QatarEnergy in 15-Year LNG Supply Deal with Bangladesh

QatarEnergy in 15-Year LNG Supply Deal with Bangladesh

Vestigo Petroleum Books Jack-up Drilling Rig for 5-Well Program

Vestigo Petroleum Books Jack-up Drilling Rig for 5-Well Program

Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan

Iraq Approves $416.9M to Build Third Offshore Export Pipeline. Dutch Firm Selected for the Job

Iraq Approves $416.9M to Build Third Offshore Export Pipeline. Dutch Firm Selected for the Job

QatarEnergy to Sign Long-term Asian LNG Supply Deal on Thursday - Source

QatarEnergy to Sign Long-term Asian LNG Supply Deal on Thursday - Source

TGS, PGS, and Schlumberger in 6,885 sqm 3D Seismic Survey Offshore Malaysia

TGS, PGS, and Schlumberger in 6,885 sqm 3D Seismic Survey Offshore Malaysia
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com