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

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.

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