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Russia backs 9-month extension on OPEC+ deal - Energy Minister

The current macroeconomic situation also calls for the extension of the OPEC+ agreement, Alexander Novak added

OSAKA, 29 June. /TASS/. Russia adheres to extend the OPEC+ deal for 9 months, rather than six, said Russian Energy Minister Alexander Novak following the G20 summit in Japan.

"We will discuss this on July 1-2, but it seems expedient to us to go through the winter period within this agreement, which is probably closer to 9 months," he said.

According to him, in the winter period it is difficult to withdraw from the agreement because at this season the demand for oil declines, while in the summer, the demand, on the contrary, rises.

Speaking about the positions of the rest of the countries, Novak expressed hope that the decision on extension of the deal is "fairly consolidated."

"I hope that we have laid down common approaches," he said. Novak assumed that the upcoming negotiations on the deal would be held as usual.

Alongside with Russia and Saudi Arabia, other countries also spoke for the extension of the deal, the minister noted.

When asked if he expects difficult negotiations with Iran on this issue, Novak said that he could not speak for this country, but, in general, the countries are inclined to extend cooperation.

The current macroeconomic situation also calls for the extension of the OPEC+ agreement, Novak added.

"Certainly, the analysis of the current market situation, the existing uncertainties, plus the forecast for the second half of the year - all these factors, fundamental and force majeure, they say that today, in the face of uncertainty, it’s still better not to disturb the market and to extend the agreement and to leave the supply on the market as it is," he concluded.

Earlier, following the G20 summit, Russian President Vladimir Putin said that Russia and Saudi Arabia would support the extension of OPEC + agreements, probably for up to nine months.