MOSCOW (Pakistan Point News / Sputnik - 07th June, 2020) Russia is expected to produce between 510 million and 520 million tonnes of oil and oil condensate in 2020 under the extended OPEC+ deal on output curbs, Energy Minister Alexander Novak said Saturday.
"We estimate that figure at around 510-520," Novak told reporters after the virtual ministerial meeting.
The minister, who co-chaired this Saturday's meeting of the OPEC+ alliance of oil producers, said the deal's expiration date could change.
The pact was expected to stay in place through April 2022. Oil producers agreed to cut output by a total of 9.7 million barrels in May and June, followed by 7.7 million barrels from July through December. That cut has been back adjusted to 9.7 million.
"I think it's too early to tell what will happen in two years. The market is too unpredictable... We agreed on quite a long term, up to two years from the current six months. It is a signal for the market that we will be monitoring it for at least two years and take joint action in order to rebalance it," Novak said.
The minister added that all Russian oil companies had backed extending the cuts for another month.
