Thursday, June 27, 2019 | ePaper
Participants of OPEC agreement see no need to revise deal's parameters
The participating countries of the OPEC agreement see no need to revise the parameters of the deal on crude production cut, Russia's Energy Minister Alexander Novak told reporters on Sunday.
"Currently we see no such need. At least, that was not discussed at today's meetings. It is important for us now to reach the 100% compliance rate," he said when asked a respective question.
Countries participating in the OPEC agreement will discuss possible further decisions for the second half of the year regarding the crude production cut deal in May-June, Novak added.
"Our agreement expires at the end of the first half of the year and, of course, we will be closely watching, monitoring the situation on the market. We realize that the second or the third quarter will see a seasonal hike in demand, whereas there is major uncertainty on the market, of course. That is why we have agreed that we have to continue monitoring the situation and discuss potential further decisions regarding the second half of the year in May-June," he said.
Earlier Novak said that he considers it reasonable to start the talks on the future of the OPEC+ deal in May. The matter was discussed during his meeting with Azerbaijani Energy Minister Parviz Shahbazov on Sunday, Azerbaijan's Energy Ministry reported.
The OPEC agreement made at the end of 2018 has allowed to reduce the volatility of oil prices and pass the winter period favorably, Novak said. "I would like to note that the decisions made last December were right and positively affect the current situation on the market, the demand and supply balance. Thanks to joint efforts, we are passing the winter period more favorably," he said.
Readiness of charter on cooperation The charter on long-term cooperation between OPEC and non-OPEC countries is at a high level of readiness, Novak noted.