02:24 GMT +322 September 2019
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    Alexander Novak, Minister of Energy of the Russian Federation, during the Bloomberg Teledebates Shifting Landscape Ushers In A New Era For Global Oil And Gas Markets held at the 2015 St. Petersburg International Economic Forum

    Oil Producers' Output Cut Deal Has Voluntary Nature - Russian Energy Minister

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    Russian Energy Minister Alexander Novak said that participation in the deal on oil output reduction between OPEC and non-OPEC countries is voluntary and there is no responsibility for violation of the agreement.

    MOSCOW (Sputnik) — The agreement on oil output reduction between OPEC and non-OPEC countries is not legally binding, hence the countries are participating on a voluntary basis, Russian Energy Minister Alexander Novak said on Sunday.

    "Participation of all countries is voluntary. There is no responsibility for violation of the agreement. So, the nuance of the agreement is that countries, which agreed to implement the provisions of the document, should do it voluntary," Novak said in an interview with NTV broadcaster.

    On Saturday, OPEC finished a 2-day meeting with non-OPEC countries in Vienna, where non-OPEC countries decided to cut oil output by 612,000 barrels per day, with Russia cutting the output by 300,000 barrels per day. In November, OPEC agreed to cut oil production by 1.2 million barrels per day for the whole cartel.

    Related:

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    Russia, Oman to Join Non-OPEC Production Cut Monitoring Committee
    OPEC, Non-OPEC Oil Producers Should Create Framework for Future Work
    Non-OPEC Countries Agree to Cut Oil Production By 612,000 BPD
    Tags:
    oil output, OPEC, Alexander Novak, Russia
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