Russia's Novak calls for strict Opec+ deal compliance

[MOSCOW] The Organization of Petroleum Exporting Countries and allies including Russia, a group known as Opec+, should stick to full compliance of a deal to cut global oil production, Russian Energy Minister Alexander Novak said on Wednesday.

In his opening remarks to an online meeting of Opec+ energy ministers, Novak said the deal so far had been be successful and oil inventories held by OECD members had fallen in July.

Mr Novak, who was tested positive for coronavirus earlier, also told the meeting that he was undergoing treatment and was feeling good. 

The meeting was to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.

Opec+ is unlikely to change its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record high 9.7 million bpd up until this month, Opec+ sources said earlier.

"The meeting will be mostly a focus on conformity and compensation," said the source, rather than any major tweaks to the Opec+ supply cut deal.

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REUTERS

2020-08-19T14:57:06.000Z(VersionCreatedDate) 2020-08-19T145706Z_18751054_R4N2EF032_RTRMADT_0_OIL-OPEC-RUSSIA-URGENT.txt

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