Russia Affirms Pledge to See OPEC Deal Through to the End
- Moscow willing to prolong output cuts if necessary, Novak says
- Russia open to discussing gradual phaseout when appropriate
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Russia is committed to seeing its pact with OPEC through to completion, whether that means starting discussions about a phaseout at the next meeting in June or prolonging output cuts into 2019, Energy Minister Alexander Novak said.
“As soon as the ultimate goal of our deal is achieved -- which is the balancing of the market -- we will start considering gradual withdrawal,” Novak said in a Bloomberg television interview in Moscow. “That might start to happen starting with the third or fourth quarters,” and discussion of an exit strategy at the group’s next meeting in June can’t be ruled out, he said.