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Russian Energy Ministry to discuss OPEC+ deal with domestic oil producers — source

Feasibility of keeping OPEC+ quotas in the current form is in question, the source noted

© Yegor Aleyev/TASS

MOSCOW, November 26. /TASS/. The Russian Energy Ministry will hold a meeting with oil producers at the turn of this week to discuss the OPEC+ oil production capping deal, a source familiar with the progress in talks told TASS on Tuesday.

"Feasibility of keeping OPEC+ quotas in the current form can be discussed," the source says.

Read also

Russia will continue to work with OPEC+ to stabilize oil market, says Putin

The launch of new gas fields along with concurrent growth of gas condensate production might hinder Russia’s full compliance with its OPEC+ crude production cut quota, Russian Energy Minister Alexander Novak told reporters earlier. The Russian production statistics records oil together with gas condensate, he said.

The agenda may also include other aspects of the agreement, the source added.

The OPEC+ oil output limiting deal aimed at stabilizing crude prices is valid until the end of March 2020. In total, the countries participating in the agreement (24 crude exporters, including Russia) should reduce production by 1.2 mln barrels per day to the level of October 2018. Under the deal, OPEC and non-OPEC nations are obliged to cut their oil output by 812,000 and 383,000 barrels per day, respectively. OPEC+ nations will consider the issue of production levels after March 2020 at a meeting in Vienna on December 5-6.

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