The oil market is never stable, so experts carefully observe its dynamics and quotes movements in order to predict future prices. This is especially relevant when the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, discuss the key points of its agreement. According to Russian Energy Minister Alexander Novak, the next meeting of OPEC and other independent oil producers will be held in March, 2020. Members of the OPEC+ grouping intend to discuss further policy under the current agreement on the output cuts. The deepening of the production cuts will be the key topic of the upcoming meeting which is scheduled for March 5 and 6 next year in Vienna. Alexander Novak admits that the committee may consider different options including gradual easing of oil output restrictions and extension of the agreement. Everything will depend on the current situation in the market. The official noted that the current agreement gives positive results and is relevant as long as the parties and the market receive mutual benefits. At the moment, the situation in the global oil market remains relatively stable as no major changes are expected. Russia’s Minister of Energy also reports that presently Russia is much ahead of the US in terms of liquified natural gas supply to the European market. Its share in LNG deliveries to Europe has reached an impressive 20%, while the US provides only 13%. According to preliminary estimates, in 2019 the oil output in Russia amounted to 560 million tones while the volume of gas production has totaled 737 billion cubic meters.
