BAKU, March 17. /TASS/. Russia’s Energy Minister Alexander Novak considers it reasonable to start the talks on the future of the OPEC+ crude production cap deal in May. The matter discussed during his meeting with Azerbaijani Energy Minister Parviz Shahbazov on Sunday.
"The meeting focused on the measures assumed within the framework of OPEC+ on stabilization of the global oil market, the state of the December decision’s compliance. Alexander Novak informed about the measures assumed by his country regarding output reduction, noting that the process related to fulfillment of obligations is gradual. He said that it could be more reasonable to hold the talks on further steps for the next period on the global oil market in May," Azerbaijan’s Energy Ministry said in a statement on Sunday.
In December 2018, OPEC+ countries decided to cut production by 1.2 mln barrels per day from the level of October 2018. It is planned that OPEC nations will reduce output by 800,000 barrels per day, while the remaining countries - by 400,000 barrels. In particular, Russia will cut production by 228,000 barrels per day. The deal covers the first half of 2019 and may be revised in April.