OPEC+ cuts can't last forever, Russia's energy minister says

OPEC+ output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March.

Photo: Leonhard Foeger/Reuters/Ritzau Scanpix

BY DINA KHRENNIKOVA & OLGA TANAS, BLOOMBERG

"Oil-production cuts can’t be eternal; we will gradually need to make a decision on exiting" the accord, Russia's Energy Minister Alexander Novak said in an interview with state television channel Rossiya24. As one of the architects of the OPEC+ deal, Russia’s view is key, though the nation’s oil producers have long pushed for a relaxation of output curbs.

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