MOSCOW: Moscow will consider the possibility of withdrawing from the OPEC oil production cut deal after the global oil market rebalances. Iranian Oil Minister Bijan Namdar Zanganeh said earlier that Russia could withdraw from the deal before the end of 2018.
“We believe that as soon as the ultimate goal is achieved, which is the balancing of the market, we will start considering gradual withdrawal or exit from this deal,” Novak said. “Only after that further actions are to be considered and taken,” he added.
According to the Russian energy minister, the market rebalancing “might start to happen starting from the third or fourth quarter” of 2018.