Osaka, June 28: Russia’s energy minister Alexander Novak on Friday said he hoped the G20 summit in Japan would offer clarity for non-OPEC and OPEC oil producers as they are underway to decide whether to extend an agreement over cutting short crude oil supplies after June.
According to Reuters news reports, the leaders of China and the United States are expected to hold a bilateral meeting and hold discussions over ongoing intense trade war on the sidelines of the G20 summit.
Novak said, “The market is currently in a very interesting phase. On one hand, it seems to be balanced in terms of supply and demand. But on the other hand, there are so many uncertainties,”
While saying he hoped a balanced decision to be taken by the oil producers about the oil supplies, he added, “We hope that there will be more clarity and more visibility after the G20 summit in Osaka.”
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states – that is being led by Russia and Saudi Arabia, are slated to hold a meeting next week in Vienna in order to discuss whether or not to extend a deal on oil production. The pact which was introduced on January 1 is slated to expire beyond June 30.
Novak, expected to hold a meeting with Khalid al-Falig, the Saudi Arabian energy minister, at the G20 Osaka summit, stated Moscow and Riyadh were discussing the oil pact.
“We expect balanced decisions to be taken by the OPEC+ countries, which would help the market stay balanced,” he said.