Russia needs to regain global oil market share once demand returns: Novak

08/09/2020 Argaam

Russia and other oil producers need to quickly regain, or even raise, their market share once the demand recovers, Reuters reported on Tuesday, citing Russian Energy Minister Alexander Novak’s comments published in the ministry’s in-house magazine.

 

Moscow has worked out a program of unfinished oil wells, which could be launched once the output reduction deal expires, he stated.

 

The move aims to ensure Russia has not lost its oil market share after a global oil production cut agreement is over in 2022.

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