23:18 GMT +324 February 2018
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    Gradual Exit From Vienna Deal Reasonable - Russian Energy Minister

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    Russian Energy Minister Alexander Novak considers the Russian withdrawal from the Vienna Agreement on curbed oil production to be reasonable.

    ISTANBUL (Sputnik) — The gradual exit from the Vienna Agreement on curbed oil production is reasonable and could take several months to implement, Russian Energy Minister Alexander Novak said Monday.

    "This may take several months," Novak told reporters on the sidelines of the World Petroleum Congress. "In general, it is reasonable, many people say this."

    Asked whether a gradual exit from the deal and restored output is in the works, he said the issue needs to be addressed at a ministerial meeting.

    Moreover, extraterritorial restrictions do not add stability to the energy industry sector, they are essentially a form of protectionism and contradict the World Trade Organization principles, Russian Energy Ministry Alexander Novak said Monday.

    "We see a certain skew in the energy policies of some countries that refuse to use efficient and clean energy sources — gas, nuclear energy — under the influence of political considerations. In my opinion, various restrictions that have recently come in trend, especially extraterritorial restrictions, do not add stability [to the industry]. They cover trade, investment, technology. In fact, this policy is a continuation of protectionism policies that contradict the principles of the World Trade Organization and other international organizations… such actions disrupt market mechanisms of the functioning of the industry, create artificial barriers to progress," Novak said at the World Petroleum Council (WPC) in Istanbul.

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    Tags:
    oil production, Vienna Document, exit, World Trade Organization (WTO), Russian Energy Ministry, Alexander Novak, Russia
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