OPEC+ may mull oil production growth, says Russ Energy Minister Novak


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OPEC+ may mull oil production growth, says Russ  Energy Minister Novak

Adding scepticism over oil output and crude futures’ price outlook despite an accord reached earlier this month to curb oil production by 2.1 million barrels per day or 2.1 per cent of the world’s entire crude output, Russ Energy Minister Alexander Novak said in an interview with the Russia-24 on Sunday, the 29th of December 2019, that, the OPEC+ members, OPEC and its Russia-led allies could contemplate an option to heighten up crude oil output over a G20 summit ahead.

In point of fact, latest comment from the Russ Energy Minister would likely to send a shockwave in to the crude oil futures’ prices market which had been puffing up since early-December and OPEC members alongside its Russia-led allies had agreed to curb out production by 2.1 million barrels per day until March 31st, 2020, following a two-day long tentative meet of OPEC+ members in the OPEC headquarter, Vienna.

Meanwhile, referring to a steep of loss of market share due to the ongoing production cut which OPEC members had started off back in the 2016s following an intransigent US inventory build, Novak said in his interview with the Russia-24 on Sunday (December 29th), “As for production, I repeat once again that this is not an eternal process and we will still need to make a decision on withdrawing (from reductions) in order to maintain market share and in order for our companies to ensure and sell their promising projects. I think that we will be considering this, including this year. ”