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Withdrawal from OPEC+ deal may take up to 6 months, Russian energy minister says

December 06, 2017, 19:38 UTC+3

Novak added that it is premature to discuss withdrawal parameters now

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BADRA, December 6. /TASS/. Smooth withdrawal from the OPEC+ oil capping agreement after its expiry in December 2018 may take from three to six months, Russian Energy Minister Alexander Novak told reporters on Wednesday.

"This is a process to be discussed. It can take three months or half-year. A specific moment of time to be considered, depending on the future demand," Novak said.

Novak added that it is premature to discuss withdrawal parameters now but he personally supports a smooth withdrawal from the oil capping deal.

In late 2016, OPEC member-states and 11 independent oil-exporting countries, including Russia, entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016. Russia’s reduction quota amounted to 300,000 barrels per day. In May 2017, the participating countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.

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