Russian Energy Minister Alexander Novak said it was extremely important for Russia and other oil producers to quickly regain, or even raise, their market share once the demand recovers, according to a ministry’s in-house magazine published on Tuesday.
To ensure Russia has not lost its oil market share after a global oil production cut agreement is over in 2022, Moscow has worked out a program of unfinished oil wells, which could be launched once the output reduction deal expires.
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Russia has mainly shut down old or less-productive wells that won’t necessarily be revived when the supply deal expires in April 2022, so the government is considering to help oil companies to ensure lost output can be replaced quickly.
To provide some respite for the oil services industry, Novak suggested companies engage in “green” energy production until oil demands recovers, he told the magazine.
He also said the same scheme could be used for the natural gas industry.