Russia’s Novak Hopes OPEC+ Deal to Be Fully Agreed on, Signed in Coming Days
REUTERS / Matthew BrownBusiness16:00 GMT 12.04.2020Get short URL
MOSCOW (Sputnik) – Russian Energy Minister Alexander Novak expressed hope on Sunday that the OPEC+ deal would be fully agreed on and signed already in the coming days.
Speaking further, the minister noted that overcoming the crisis in the oil market will take a long time, at least till the end of 2020, with the demand likely to recover at a slower pace than expected before the crisis.
He said the global consumption and demand would be increasing at a slower pace than before the crisis.
Earlier this week, G20 energy ministers discussed the possibility of reaching a new deal on oil output cuts. Prior to that, OPEC+ talks were held via video conference and resulted in the adoption of a new declaration which outlined a three-stage reduction of oil production. It was accepted by all states except Mexico.