Russia's Novak Says Too Early To Talk About Possibility Of OPEC+ Deal Extension

Faizan Hashmi Published November 23, 2019 | 06:41 PM

Russian Energy Minister Alexander Novak said Saturday it was too early to talk about extending the OPEC + deal to cut oil production

MOSCOW (UrduPoint News / Sputnik - 23rd November, 2019) Russian Energy Minister Alexander Novak said Saturday it was too early to talk about extending the OPEC + deal to cut oil production.

Earlier in November, media reported that at the upcoming December meetings the cartel may extend the deal until June of next year.

"In my opinion, it's early now.

We said from the beginning that the deal was due before April 1. We will monitor the situation," Novak said in response to the question on a possible extension of the deal.

OPEC and other major oil exporters, including Russia, started capping their outputs in 2017 to shore up slumping crude prices. Their pact has been extended several times since then, with the current iteration expected to run into April.