OPEC+ Cuts Can’t Last Forever, Russia’s Energy Minister Says
- Russia needs to defend market share, start new projects: Novak
- Minister expects to discuss exit strategy with OPEC+ next year
Alexander Novak arrives ahead of the 177th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Dec. 5.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
OPEC+ output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March.
“Oil-production cuts can’t be eternal; we will gradually need to make a decision on exiting” the accord, Energy Minister Alexander Novak said in an interview with state television channel Rossiya24. As one of the architects of the OPEC+ deal, Russia’s view is key, though the nation’s oil producers have long pushed for a relaxation of output curbs.