Russian energy minister, oil producers to discuss possible cut before Dec meetings: report
Russian energy minister Alexander Novak said Monday that he plans to discuss a potential output cut in 2019 with oil companies before OPEC/non-OPEC meetings in early December, the Prime news agency reported.
Russia is the key non-OPEC participant in the production cut deal with OPEC that has been in force since the beginning of 2017.
Participants in the deal will meet in early December to discuss amendments to the deal, which may include a cut in output targets and a move away from using October 2016 production to more recent data as a baseline to measure compliance.
Novak is part of a Russian delegation visiting Turkey Monday for a ceremony marking completion of the subsea section of the Turk Stream gas pipeline.
"Development of this project will allow Turkey to fully cover its gas needs directly from Russia," Novak said in an interview with the Anadolu news agency published in translation on the Russian energy ministry website Sunday.
Russia currently supplies gas to Turkey via the Blue Stream pipeline and transit countries. Half of Turk Stream's 31.5 Bcm/year capacity has been earmarked for the domestic Turkish market.
The remainder is to be shipped on to Europe with routes to Bulgaria, Serbia and Hungary as well as Greece and Italy under consideration.
source: S & P Global Platts
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