6 Mar 2020 20:13

OPEC+ agrees to continue cooperation, no obligation to reduce production as of April 1 - Novak

VIENNA. March 6 (Interfax) - The OPEC+ countries today signed a document on continuing cooperation within the framework of the Declaration of Cooperation between oil-producing countries, Russian Energy Minister Alexander Novak told reporters upon conclusion of the OPEC+ meeting on Friday.

"As of April 1, no one will be obligated to reduce oil production," Novak said. Russia has not yet discussed the option of increasing production in April with companies, he said.

"We only signed a joint document that we will continue to work, to liaise in the framework of the [OPEC+] charter. As regards cutbacks then probably, in light of today's decision, from April 1 none of us, none of the OPEC and non-OPEC countries will have any obligations to cut back," he said.

Commenting on the prospects for Russia to raise output, Novak said: "This will depend above all on the companies' plans. We'll have to talk to the companies. Let's say we did not discuss this variant," he said.