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00:00WE WILL STAY WITH THE OIL ISSUE AND HOW IT WEIGHS ON RUSSIA WITH THE COUNTRY SAYING IT IS COMMITTED TO WORKING WITH OPEC TO CLEAR THE GLOBAL GLUT EVEN IF IT MEANS RESTRICTIONS INTO 2019. ALEXANDER NOVAK SPEAKING TO OUR REPORTER. MOSCOW IS DETERMINED TO SEE THE PACT THROUGH TO COMPLETION. >> THESE ARE OUR ASSESSMENTS AS WELL. WE BELIEVE THAT AT A CERTAIN POINT, THE MARKET WILL REACH ITS BALANCING POINT, AND THERE ARE DIFFERENT ASSESSMENTS AS TO THE TIMING OF THAT, SO WE BELIEVE AS SOON AS THE ULTIMATE GOAL IS ACHIEVED, THE BALANCING OF THE MARKET, WE WILL START CONSIDERING GRADUAL WITHDRAWAL OR EXIT FROM THE DEAL. MOST IMPORTANTLY IS THAT ALL THE PARTIES TO THIS AGREEMENT ARE COMMITTED TO ACHIEVING THE ULTIMATE GOAL OF MARKET REBALANCING AND ONLY AFTER THAT FOR THE ACTIONS -- FOR THE -- FURTHER ACTIONS WILL BE TAKEN. >> WHEN DO YOU SEE THE MARTIN -- MARKET REBALANCING? >> WE MONITOR THE SITUATION AND THINK IT WILL HAPPEN IN THE THIRD OR FOURTH QUARTER. THIS HARD TO PREDICT ANYTHING RIGHT NOW. WE NEED TO WATCH CLOSELY THE SITUATION, PARTICULARLY IN SPRING OR SUMMER WHEN THE DEMAND WILL GROW. >> WHEN YOU RAISE THE ISSUE WITH COUNTERPARTS AT OPEC TO IT EXIT THE CUT? >> WE HAVE ALL THE OPPORTUNITIES TO DISCUSS VARIOUS SCENARIOS. AS WE MEET AT THE MINISTERIAL MEETINGS AND MEETINGS OF THE MONETARY COMMITTEE, WE DISCUSS THE CURRENT SITUATION ALL THE TIME AND MATTERS RELATED. IN ORDER TO SEND A MESSAGE TO THE MARKET, ONE THING TO STRESS, WE ARE COMMITTED TO OBTAIN THE ULTIMATE GOAL WHICH WE PUT FORTH IN THE FRAMEWORK. >> RUSSIAN COMPANIES SEEM EAGER TO EXIT THESE CUTS, SECOND HALF OF THIS YEAR. ARE YOU UNDER ANY PRESSURE TO GET OUT OF OPEC? >> ACTUALLY WE ACT IN COORDINATION WITH OUR COMPANIES . WE ARE IN CONSTANT DIALOGUE. SINCE IT IS THEIR DECISION AND A JOINT EFFORT, AND OF COURSE WE HAVE LISTENED TO THEIR POINT OF VIEW. ONCE AGAIN EVERYTHING WE DO IS A CONSOLIDATED APPROACH AIMED AT OBTAINING THE ULTIMATE GOAL. BETTY: THAT WAS RUSSIAN ENERGY MINISTER ALEXANDER NOVAK SPEAKING EXCLUSIVELY TO OUR REPORTER. DON'T FORGET YOU CAN ALWAYS FIND IN-DEPTH ANALYSIS ON THE NEWSMAKERS. TUNE INTO DAYBREAK ASIA FROM 7:00 A.M. HONG KONG TIME.

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Russia Affirms Commitment to Oil Deal

As President Putin is set to win his fourth term in office, Bloomberg speaks to Russia's Energy Minister Alexander Novak. Novak was crucial to Putin's last term as he helped clinch the OPEC, non-OPEC oil deal which boosted global oil prices. (Source: Bloomberg)

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