Russian Energy Minister: From April there will be no restrictions on oil production


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Russian Energy Minister: From April there will be no restrictions on oil production


                    Leonhard Foeger

Russian Energy Minister Alexander Novak said today, Friday, that as of April 1, there will be no restrictions on oil production.

Novak said after the OPEC + meeting in Vienna: “As of April 1, no party will have any obligations to reduce production,” adding that the Russian authorities did not discuss with companies the increase in production in April.

He pointed out that the issue of increasing production will depend on the plans of the oil companies, above all.

The Russian minister stated that “OPEC +” decided to lift restrictions on oil production because there was no consensus among the 24 countries on the current situation in the market.

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Novak confirmed that a joint document has been signed, which provides for continuing work within the framework of the Charter on Cooperation within the “OPEC +”.

He added that the “OPEC +” countries will continue to monitor the situation, and that the Ministerial Committee for Monitoring will be preserved as a framework for action.

Commenting on lower oil prices, the minister said it is difficult to give assessments of the market situation, because there are many factors related to speculation.

He added that it is not possible to announce a date for the next meeting of “OPEC +”, indicating that there is a need to monitor the position of the Corona virus and the behavior of other countries before setting the date of the meeting.

A source with “OPEC” said today, in a statement to Reuters, that the “OPEC +” meeting had ended and that the coalition had not reached an agreement.

Source: Agencies


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