Russia’s Novak: OPEC+ may consider "institutionalizing" from 2019 onwards

Dhwani Mehta FXStreet

Russia’s Energy Minister Alexander Novak is on the wires now, via Reuters, commenting on the deal reached by the OPEC and its allies (OPEC+) and on their future plans.

Key Points:

OPEC+ may consider "institutionalizing" from 2019 onwards.

OPEC+ weighing ongoing cooperation after 2018.

June decision means gradual easing of output caps.

OPEC+ deal is absolutely right and is a successful one.

We restored oil production by 80% in July from the level of cuts.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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