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OPEC+ may offer new big projects to oil companies — minister

Alexander Novak also supposes there is no need for OPEC+ to change oil production quotas

Russian energy minister Alexander Novak Sergey Bobylev/TASS

Russian energy minister Alexander Novak

© Sergey Bobylev/TASS

MOSCOW, September 23. /TASS/. OPEC+ may offer big projects to oil companies from member states, Russian Energy Minister Alexander Novak said at a meeting with his Saudi counterpart Khalid Al-Falih, the Russian Energy Minister said on its website.

"Russia would like the Joint Ministerial Monitoring Committee, which has proved effective, to continue its activities," Novak said. "We are ready to discuss the expansion of the tools it uses to exchange information on the oil market situation. In addition, the committee may help implement big projects involving companies from OPEC+ countries," he added.

On Sunday, Algeria is hosting a meeting of the Joint Ministerial Monitoring Committee, which is expected to discuss actions OPEC+ countries will take in the wake of sanctions on Iran and the declining oil production in Venezuela, Mexico and some other states.

Oil production quotas

There is no need for OPEC+ to change oil production quotas, Alexander Novak told reporters at the OPEC+ meeting in Algeria.

"The situations in countries are different, so we said in June that there was no need to change everyone’s quotas. We need to discuss common figures," Novak said, when asked if participants in the OPEC+ meeting in Algeria would discuss Iran’s quota.

On Sunday, Algeria is hosting a meeting of the Joint Ministerial Monitoring Committee, which is expected to discuss actions OPEC+ countries will take in the wake of sanctions on Iran and the declining oil production in Venezuela, Mexico and some other states.

OPEC+ members decided to increase oil production by one mln barrels a day at their June meeting. Iran agreed to accept the decision provided compliance with the oil cut deal returned to 100% after reaching 150% in the past several months.

Iran is not a member of the Joint Ministerial Monitoring Committee, but it is a member of the Organization of the Petroleum Exporting Countries (OPEC), being its third oil producer.

New US sanctions against Tehran, expected to take effect on November 4, prompted OPEC+ to ease oil production restrictions because a decline in Iran’s oil production, combined with the production drop in Venezuela, Mexico and a number of African countries, may lead to oil shortages.

Tags

United States Iran Algeria Saudi Arabia Alexander Novak

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