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Russian energy minister says doesn’t rule out OPEC+ deal could be extended into 2019

Various other parameters of the oil cut deal are now being discussed

ABU DHABI, November 11. /TASS/. Russian Energy Minister Alexander Novak said on Sunday he doesn’t rule out that the OPEC+ deal could be extended into 2019 in its current format.

"If need be, I don’t rule out such an option," he told journalists on the sidelines of an OPEC+ ministerial meeting. "There have been no signs that the deal would be terminated. We are living amidst effective decisions that the deal is to stay in place till the end of the year. We will discuss the situation later today."

A deal between the OPEC oil exporting nations, the biggest one being Saudi Arabia, and non-OPEC oil producers (known as OPEC+) was signed in December 2016. After a number of extensions, the deal is expiring at the end of 2018. When the deal was in force, the countries agreed both to cut oil production provoking price growths and to lift restrictions to avoid skyrocketing prices.

A new, open-ended, deal between the OPEC and non-OPEC nations is expected to be signed at a regular meeting in Vienna in early December.

Various other parameters of the oil cut deal are now being discussed.

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Alexander Novak

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