December 27, 2019 / 7:43 AM / 2 months ago

Russia's Novak says OPEC+ may consider ending oil output cuts this year

MOSCOW, Dec 27 (Reuters) - The Organization of the Petroleum Exporting Counters and its allies, known as OPEC+, may consider wrapping up its oil output reduction this year, Russian Energy Minister Alexander Novak said on Friday.

“As far as the production cuts are concerned, I repeat once again, this is not an indefinite process. A decision on the exit should be gradually taken in order to keep up market share and so that our companies would be able to provide and implement their future projects,” Novak told Rossiya 24 TV.

“I think that we will consider that this year.” (Reporting by Andrey Kuzmin and Vladimir Soldatkin, editing by Louise Heavens)

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