Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Russia's Novak says to discuss possible exit from OPEC+ deal in Oman

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/12/2018 | 06:44pm CEST
Russian Energy Minister Novak addresses a news conference after an OPEC meeting in Vienna

MOSCOW (Reuters) - Ministers from leading OPEC and non-OPEC producers will discuss the possibility of a smooth exit from a global deal to cut oil output next week, Russia's energy minister said on Friday.

Russia and Saudi Arabia are leading a joint OPEC and non-OPEC effort to limit production to prop up prices. Brent crude oil futures <LCOc1> have risen by more than 50 percent since mid-2017, hitting $70 a barrel this week for the first time since December 2014.

Russian Energy Minister Alexander Novak said the current oil price level was short term and he would discuss the situation at a ministerial monitoring committee meeting in Oman, which is scheduled for Jan. 21 next week.

Asked whether ministers would discuss a possible exit from the deal, he said: "I don't think anyone is going to stop us from discussing these issues, and we will be able to discuss them in terms of the mechanisms which can be considered."

The head of one of Russia's largest oil producers, Lukoil , said earlier on Friday Russian should start exiting the oil pact if crude prices remain at $70 per barrel for more than six months.

But Novak said not all surplus supply had been removed from the oil market.

"We see that the market is becoming balanced. We see that the market surplus is decreasing, but the market is not completely balanced yet," he told reporters. "Of course, we need to continue monitoring the situation."

(Reporting by Vladimir Soldatkin; Writing by Jack Stubbs; Editing by David Evans)

Stocks mentioned in the article
ChangeLast1st jan.
NK LUKOIL PAO --End-of-day quote.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
10:39aARAB PLANNING INSTITUTE : The SMEs Center in the Arab Planning Institute held a training program in Sudan
PU
10:38aSaudi energy minister - I do not influence oil prices
RE
10:15aIran oil minister says hopes OPEC will not follow U.S. orders - SHANA
RE
09:46aOPEC, NON-OPEC PANEL UNLIKELY TO RECOMMEND FURTHER OIL OUTPUT HIKE : sources
RE
08:29aIRAN WILL VETO ANY OPEC DECISION JEOPARDIZING ITS INTERESTS : oil minister
PU
08:10aAsian firms shuffle production around the region as China tariffs hit
RE
04:39aEUROPEAN EXTERNAL ACTION SERVICE : Remarks by High Representative/Vice-President Federica Mogherini at the joint press conference following the women Foreign Ministers’ meeting
PU
04:14aMEKONG TOURISM COORDINATING OFFICE : Influence of Chinese tourists increasingly seen in airlines
PU
01:39aPRESS RELEASES : Secretary Pompeo's Call With Chilean Foreign Minister Ampuero
PU
09/22While Trump Grumbles About Fed, His Picks Exude Pragmatism
DJ
Latest news "Economy & Forex"
Advertisement