Russia’s Novak says no formal calls to change global oil supply deal

No formal proposals have been put forward to change the terms of a global deal on curbing oil supplies that was agreed between OPEC and its allies, Russian Energy Minister Alexander Novak said on Wednesday.

Sources earlier told Reuters that OPEC and other oil-producing nations would consider whether to deepen cuts when they meet in December due to worries about weak demand growth in 2020.

“There have been no formal proposals from anyone about changing the agreement,” Novak told reporters in the Black Sea resort of Sochi, adding that all parties should fulfill commitments to the existing agreement “in full”.

The Organization of the Petroleum Exporting Countries, Russia and other producers have since January implemented the deal to cut oil output by 1.2 million barrels per day to support the market.

The pact runs to March 2020 and the producers meet to review policy on December 5-6.

“We continue monitoring the situation on the market,” Novak said, adding that the deal could be changed but to do this “a good forecast is needed. We will monitor, make forecasts.”