According to Russian Energy Minister Alexander Novak, the current OPEC+ deal on cutting oil output can be extended in 2019 if that is necessary. The politician noted that such a scenario is possible in the absence of a new agreement on cooperation between the 25 countries of the cartel and independent oil producers.
The Russian minister sees no fundamental difference between the current OPEC+ deal and the new agreement. He said that much will remain the same, for example, committees meetings. The new treaty will be a long-term one or even indefinite providing an opportunity to make various decisions.
Oman Oil Minister Mohammed Al-Rumhy does not agree with Novak. He believes that cutting the current OPEC+ deal will create a new agreement that is significantly different from the previous one. However, the official did not specify why the new agreement would be better than the current one. UAE Energy Ministry Suhail Al Mazroui clarified the situation a little bit. He said that the new OPEC+ strategy, which will be adopted in 2019, does not imply an increase in oil production. Nevertheless, he did not say whether it would include the output reduction.
According to Novak, at the moment there are different assessments and forecasts for the development of the situation on the global oil market. The politician suggested that the seasonally-adjusted oil market balance will persist in 2019. He noted that in the case of a consolidated decision by a number of countries, Russia is ready to lower the level of oil production.
