You are here: Home » International » News » Markets
Business Standard

Russia's Novak says OPEC+ may discuss underperformers this month: RIA

OPEC and its allies may discuss this month countries which have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak was quoted as saying on Monday

Topics
OPEC | Russia | Oil production

Reuters  |  MOSCOW 

oil, gas, offshore, drill, high, petrol, crude

MOSCOW (Reuters) - The Organization of the Petroleum Exporting Countries and its allies may discuss this month countries which have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak was quoted as saying on Monday.

Saudi Arabia, which chairs a ministerial panel that monitors adherence with the oil cuts, has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for their overproduction in July-September.

Asked if the laggards have requested to extend the period for improving their compliance, RIA news agency quoted Novak as saying: "I have no information on that."

"We have a planned meeting of the JMMC on (Sept.) 17. I think, we will discuss all those issues," he said.

Last week, Iraq sent contradictory statements about its position on the deal to reduce

It has said it remained fully committed to the OPEC+ oil supply cut agreement, denying an earlier media report that it was seeking an exemption from the reduction pact during the first quarter of 2021.

The and allies, a grouping known as OPEC+, are currently cutting output by 7.7 million barrels per day (bpd) until December to support prices as the coronavirus crisis hammers demand.

Russian President Vladimir Putin and Saudi King Salman spoke by phone on Monday and said they were satisfied with how the deal between and non-producers to limit oil output was being implemented, according to the Kremlin.

 

(Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by Jason Neely and Emelia Sithole-Matarise)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 08 2020. 06:19 IST
RECOMMENDED FOR YOU