Russia in No Hurry to Extend OPEC+ Deal
Russian energy minister Alexander Novak said Friday it is too early to talk about extending the OPEC+ crude production agreement and the producer group should take a decision closer to April, the Prime news agency reported.
"We have a valid agreement until April 1," Novak told reporters in Malabo, Equatorial Guinea, S&P Global reported.
"The previous times that we considered an extension, we did so a month before the expiration, because during this time the situation on the market may change.
Why should we guess now what will happen in 4 months? We need to monitor the situation and take decisions when necessary."
OPEC+ participants are set to meet to discuss the current market situation and the agreement in Vienna at the end of next week.
Novak has indicated in recent weeks that Russia is considering asking for new condensate volumes to be exempt from its OPEC+ quota. He said Friday that around 7%-8% of Russian oil output is condensate.
Novak said previously that condensate output will increase as new gas production comes on stream, but as it will not affect exports, it should be excluded.
Earlier this week he said Russia is preparing calculations on how condensate could be excluded from the deal.
Under the current OPEC+ agreement, Russia committed to cut around 230,000 bpd from its October 2018 crude and condensate output of 11.42 million bpd. Compliance has fluctuated significantly this year, with Russia over-complying for a few months in the summer due to the Druzhba pipeline contamination.
source: Financial Tribune
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