Russia's Novak says OPEC+ may consider ending oil output cuts in 2020

The Organization of the Petroleum Exporting Counters and its allies, known as OPEC+, may consider wrapping up their oil output reduction in 2020, Russian Energy Minister Alexander Novak said, Reuters reports.

“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.”

Russia’s energy ministry said that Novak was referring to 2020 when talking about a possible decision to wrap up production curbs “this year”.