Russia Open to Relaxing OPEC+ Cuts as Saudis Urge Staying Course
- Easing supply cuts may be needed to prevent deficit: Novak
- Russian oil companies are keen to boost crude production
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Russia sees a range of options that would allow OPEC+ to continue output cooperation until year-end, from easing the limits to ending the extreme throttling-back that has seen some countries exceed original cutback targets.
"One of the options we discussed today is removing the over-compliance, a return to the parameters of the current agreement," Russian Energy Minister Alexander Novak said Sunday in an interview with Bloomberg TV in Jeddah, Saudi Arabia, after a producer group meeting. OPEC+ may need "to tweak the parameters to a certain extent" if monitoring shows full compliance is not enough to prevent a market deficit, he said.