Russia’s Energy Minister Alexander Novak said in a speech on Friday (December 22) that Russia and the Organization of the Petroleum Exporting Countries (OPEC) will smoothly and smoothly withdraw from the production reduction agreement and may implement another type of limited production Measures to ensure that the oil market will not be re-oversupplied after the production cut-off expires.
Novak said: “Everyone in the market wants to see a return to equilibrium.”
OPEC and Russia and other non-OPEC oil producing countries have extended the production cut agreement to the end of 2018, but investors are worried that crude oil output will be bounded after the cut-off agreement expires. Therefore, it is the focus of attention whether an order of exit agreement can be reached.
On the other hand, since the beginning of this year, Russia and Saudi Arabia have significantly enhanced the bilateral relations between the two countries and King Salman of Saudi Arabia has also conducted a large-scale political and commercial visit to Moscow. Crude oil has always been the focus of business between the two countries, as crude oil exports are an important source of revenue for both countries.
On Thursday, King Salman of Saudi Arabia and Russian President Putin held a conference call during which both parties agreed to continue to strengthen cooperation to jointly stabilize the global oil and gas market.
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