Russia’s Rosneft Not Requesting Compensation Over OPEC+ Deal Prolongation – Energy Minister

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 Russia’s Rosneft has not requested any compensation over the prolongation of the OPEC+ oil output cuts deal, Energy Minister Alexander Novak said Wednesday.

“No, there have not been such requests”, Novak told reporters on the sidelines of the Eastern Economic Forum (EEF), when asked about the output cuts deal.

Meanwhile, Rosneft head Igor Sechin said in June that the corporation would comply with OPEC+ decisions but would also discuss  compensation for possible losses with the Russian government.

At the end of 2018, participants of the OPEC+ deal agreed to reduce overall production by 1.2 million barrels per day in the first half of 2019. OPEC member states vowed to cut production by 800,000 barrels per day, while non-OPEC countries agreed to reduce it by 400,000 barrels per day.

In July 2019, the organisation prolonged the cuts for another nine months.

The EEF began on Wednesday and will run through Friday in the city of Vladivostok in the Russian Far East.

The Rossiya Segodnya International Information Agency is an official media partner of the event. Last year, the forum was attended by 6,000 guests from over 60 countries and who made deals worth almost $45 billion.

Source:sputniknews.com/business/201909041076719642-russias-rosneft-not-requesting-compensation-over-opec-deal-prolongation—energy-minister/

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