28 Nov 2019 15:15

Possibility of changing OPEC+ quotas with respect to condensate to be discussed after March, for now no sudden movements should be made - IOC

MOSCOW. Nov 28 (Interfax) - The possibility of changing OPEC+ quotas with respect to condensate can only be discussed after March, the chairman of the board of the Irkutsk Oil Company (IOC), Sergei Donskoi, told journalists after a meeting at the Energy Ministry ahead of the OPEC and OPEC+ sessions in December.

"There are responsibilities that need to be met. All the rest will be discussed after March. The question whether or not we'll be able to [meet targets with regard to condensate] is a technical matter. There are responsibilities that the country is carrying before it and is trying to fulfill," Donskoi said.

Excluding condensate from calculations for the OPEC+ deal could affect the way quotas are distributed among Russian oil companies, he said. "We have a lot of condensate, we want it to be excluded [from calculations]," Donskoi said.

"We support the position in terms of excluding condensate as a whole from the quota [for Russia], but it'll be up to the ministry. Some companies are for, some are against, there are various positions as for how this will affect the redistribution of quotas going forward," he said.

"It could happen one of many ways. If we remove a certain percentage, it's clear that this will be distributed based on the position of each company in terms of production," Donskoi said

He said that companies are opposed to taking any sudden movements with regard to the OPEC+ deal for now.