Russia’s energy minister said it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed.
OPEC and allies including Russia, known as OPEC+, agreed in April they would gradually ease production cuts - introduced to support prices after a plunge in demand caused by the COVID-19 pandemic - with one phase of the easing set to begin on Jan. 1.
However, a second wave of infections has put a question mark over this timetable.
“It is too early to talk about the future of the OPEC+ deal beyond December,” Russian Energy Minister Alexander Novak said in comments to Reuters made via the ministry’s press service
“We need to understand” how the situation develops in the coming month before taking any decision, he added.
OPEC+ is next due to meet on Nov. 30-Dec. 1.
