OPEC and other leading oil producers may consider easing oil output restrictions at their meeting in March, Russian Energy Minister Alexander Novak said in an interview aired on Dec. 23.
OPEC and its allies, including Russia, known as OPEC+, this month decided to prolong its oil output restriction deal until the end of March and to deepen the cuts in order to balance out the oil market.
It agreed to convene again in early March to discuss policy.
"We can consider any options, including gradual easing of quotas, including continuation of the deal," Novak told Russia's RBC TV in an interview recorded last week.
"Everything will depend on how the situation develops in March and on the forecasts for the following quarters... At the moment, the situation is more or less stable on the market."
Novak said that cooperation with OPEC will continue so far as it is "effective and brings results, until the market requires it."
He said Russia's 2019 oil output was seen at a record-high 560 million tonnes (11.25 million barrels per day) and natural gas output at 737 billion cubic meters.
Oil output is up from a post-Soviet annual average record-high of 11.16 MMbbl/d, or 555.838 million tonnes, it pumped in 2018.
Novak, who spoke before U.S. President Donald Trump signed a sanctions bill on the Nord Stream 2 gas pipeline, said that the project would be completed soon.
Last week, the U.S. sanctions on Nord Stream 2 prompted Swiss-Dutch contractor Allseas to suspend pipe-laying activities.
2023-11-30 - Saudi Arabia, Russia, Kuwait, Kazakhstan and Algeria were among producers who said cuts would be unwound gradually after the first quarter, market conditions permitting.
2023-11-27 - Prices tumbled midweek when OPEC+ postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers.
2023-11-15 - Brent prices slipped just under $82/bbl on Nov. 15, depressed by concerns about economic growth and demand, despite support from supply cuts by OPEC and its allies and conflict in the Middle East.
2023-11-22 - OPEC+ members recognize the need to cut production at their ministerial meeting, now set for Nov. 30, but the question is how to shoulder the burden, a Rystad Energy analyst said.
2023-12-04 - At the meeting OPEC+ agreed to reduce its oil production by another 700,000 bbl/d – which will come from Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman.