By Trend
Russia’s Energy Minister Alexander Novak considers it
unreasonable for the country to join OPEC, TASS reports.
"I do not think it is necessary and reasonable," he said in an
interview aired by the Rossiya-24 TV news channel on Tuesday when
asked about Russia’s possible joining the oil cartel.
"Fundamentally, the instruments being used today when we reach
agreements (between) OPEC and non-OPEC countries, are quite
functional. Meanwhile, we have no legal obligations that are rather
complicated," Novak added.
OPEC member-states and non-OPEC oil producing countries
including Russia entered into an agreement on reduction of oil
production (the OPEC+ agreement) in late 2016. The agreement
obliges the parties to cut production by a total of 1.8 million
barrels per day in comparison with the level of October 2016. Under
the agreement, Saudi Arabia and Russia had the biggest cutbacks of
486,000 barrels per day and 300,000 barrels per day,
respectively.
The deal has been extended twice since then - until the end of
March 2018, and later - until the end of 2018. However, it has been
decided to partially restore production starting July 2018.
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