Russian Minister of Energy Spoke about the Elaboration of a Scenario for Withdrawal from the OPEC+ Agreement
OREANDA-NEWS. The head of the Russian Ministry of Energy Alexander Novak said that the scenario for withdrawing from the OPEC+ agreement on limiting production was worked out beforehand.
According to the press service of the government, the politician also noted that the situation in the oil market is within the forecast. “The Russian oil industry has a high-quality resource base and a sufficient reserve of financial strength to remain competitive at any forecasted price level, as well as maintain its market share,” Novak said.On March 6, it became known that the OPEC+ agreement will expire on April 1 of this year. The parties for the first time since the end of 2016 could not agree on its parameters. According to Novak, the OPEC+ participants signed a document on the continuation of cooperation under the Charter, but since April 1, noone has any obligations to reduce oil production.