OPEC in addition to non-OPEC members are already considering an oil output deal for 2019, Russia’s energy minister told CNBC, immediately after the the cartel of major crude producers agreed to raise production via July.
“We are planning to sign a fresh agreement by the end of This specific year,” Alexander Novak said at the OPEC summit in Vienna. “The conceptual framework of which agreement was shared with all the participants of today’s ministerial meeting, to ensure which they could study the idea in addition to make any amendments.”
His comments come after Saturday’s meeting between OPEC producers in addition to non members. The oil producing allies, including Russia, agreed to raise oil output by a total of one million barrels per day (bpd) in order to balance supply in addition to demand from the second half of the year.
The deal expires at the end of 2018, however Novak said which a different proposal was already being planned.
“This specific agreement will, to a large part, be based on the monitoring of the market situation, on the creation in addition to institutionalization of the governing body in addition to the ability to take measures, if necessary, as was done in 2016,” he said.
The draft agreement might be considered again at the next meeting of the monitoring committee in September, Novak added, “with the view to sign the idea at the ministerial meeting at the end of the year.”
The minister said which This specific weekend’s deal to raise oil output by one million bdp “should be sufficient,” despite Russia originally arguing which a 1.5 million barrel hike should be implemented.
“We are not yet concerned in any way by This specific decision because the mechanism we have can be quite flexible in addition to allows us to take different decisions from the future,” he added.
As part of Saturday’s deal, Russia plans to raise its output by 0,000 bpd.