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A. Novak: Still too early to take position on OPEC+ crude deal for H2

A. Novak: Still too early to take position on OPEC+ crude deal for H2

Moscow, June 25 - Neftegaz.RU. Russian energy minister Alexander Novak said it was still too early to talk about what form an OPEC+ deal on crude output should take in the 2nd half of the year due to ongoing uncertainty in the market, Platts reported.

"We should wait, including for meetings during the G20," he told reporters on the sidelines of the World Petroleum Council's Future Leaders Forum. "We will see what issues will be discussed there, how the economy and the market situation will develop. We will have a clearer idea of the situation by the OPEC/non-OPEC meeting," Novak said.

In recent years, Russia has been reluctant to commit to a firm position until the eve of meetings between ministers from OPEC and non-OPEC oil-producing companies, calling for analysis of as much data as possible before taking decisions.

The OPEC+ group is set to meet in a week's time, with G20 meetings that will include Russian and Saudi leaders and energy ministers slated for Friday and Saturday.

Novak said the hardest factors to predict were oil consumption in the 3rd and 4th quarters, demand, "and the impact of sanctions policy on the global market needs to be better understood".

Earlier he said investment in research and innovation was becoming more crucial at a time when competition for global energy markets and the use of non-market methods to fight for market share is increasing.

"We see increasing competition for global energy markets. At the same time we are dealing with wider and wider use of non-economic methods of fighting for customers," Novak said during the forum.

"Aside from this, the technological revolution is increasing the role of innovative processes, and benefits those who invest in research. In a world of tougher competition every dollar of cost reduction counts," he said.

Novak said the ministry continued to discuss possible options for production in H2 with domestic producers. Last Thursday, Vagit Alekperov, CEO of Lukoil, said Russian producers did not have a uniform view on the best approach to take.

The current output agreement is set to expire on Sunday. Other ministers from participating countries have indicated their support for a rollover of the agreement into the 2nd half of the year.

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