Novak calls on OPEC + to rally even more in the face of challenges in the oil market

Novak calls on OPEC + to rally even more in the face of challenges in the oil market

Novak calls on OPEC + to rally even more in the face of challenges in the oil market

MOSCOW (Reuters) – The OPEC + deal limiting world oil production is being executed at a high level, but the pact participants need to rally even more in the face of market challenges and fully comply with the terms of the agreement, Russian Energy Minister Alexander Novak said during the OPEC + ministerial meeting.

The impact of the coronavirus pandemic has had a significant negative impact on the oil market, which is struggling to recover, Novak said.

Novak added that cooperation with OPEC is a priority in Russia's energy policy.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said during the meeting that all issues with the overproduction of oil in the OPEC + agreement should be resolved by the end of 2020.

(Olesya Astakhova, Vladimir Soldatkin. Editor Marina Bobrova)

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