24 Jun 2019 15:16

Russia proposes waiting for G20 to decide on future of OPEC+ deal

ST. PETERSBURG. June 24 (Interfax) - The Russian Energy Ministry has proposed waiting until the G20 leaders meet to decide whether to prolong the OPEC+ deal on cutting oil production through the end of the year.

"We need to wait for [certain] events, including the meetings of the leaders of G20 countries. We'll see what issues will be discussed there, how the economy, the market situation, develop. We'll understand the situation better by the meeting of OPEC+ leaders, and options will be presented," Energy Minister Alexander Novak told journalists.

"I don't want to say now, because nothing has changed," he said.

Forecasting demand for oil in Q3 and Q4 and the effect of sanctions on the global market are still the most difficult issues, Novak said.

Discussions with Russian companies on the fate of the OPEC+ deal have not concluded, he said. "For now discussions are taking place, because there are many factors that [affect the market] every day," Novak said.

OPEC and non-OPEC states will participate in a meeting in Vienna on July 1 and 2 to discuss the fate of the deal.