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Russia may abandon OPEC+ deal by end of 2018, says Iranian oil minister

March 15, 4:45 UTC+3 MOSCOW

Russian Energy Minister Alexander Novak said earlier he did not rule out the deal could be amended is the oil market got balanced in the second half of 2018

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TASS, March 15. Russia, which take part in the OPEC+ oil production cut deal, may withdraw from the agreement, Iranian Minister of Petroleum Bijan Zangeneh said on Thursday.

"Russia may abandon the agreement as it has no commitment to stay with it by the end of the year and OPEC may choose to alter the plan which I think would be unlikely," Shana news agency quoted him as saying.

Russia along with Saudi Arabia are key participants in the deal. Both countries have the biggest production cut liabilities, minus 300,000 and 468,000 barrels on October 2016.

Russian Energy Minister Alexander Novak said earlier he did not rule out the deal could be amended is the oil market got balanced in the second half of 2018.

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