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Russia: Ready for a smooth exit from OPEC agreement
Economy News _ Baghdad
Russian Energy Minister Alexander Novak said his country is ready to discuss the smooth exit of the oil production reduction agreement after reaching the desired target in the market.
"Yes, we will discuss these issues, the issue of getting out of the (OPEC) deal after the market recovers its balance, we all have a common strategy," Novak said.
"We have to have a clear and understandable strategy for the market," Novak said. "I think the market recovery of the balance could happen in the third and fourth quarters of 2018."
Novak revealed that the meeting of the committee to monitor the implementation of the agreement, which will be held on January 21-22 in Oman, will discuss the results of the current performance of the agreement and its impact on the market after its extension until the end of 2018.
On the level of Russia's oil exports, Novak said that it remained at the levels of 2016 at 255-257 million tons.
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