NOURNEWS- Alexander Novak said: "As soon as the demand for crude oil is revived after the end of the crisis, the outbreak of Coronavirus in member and non-member countries of the Organization of Petroleum Exporting Countries (OPEC) should change its strategy and focus on market share."
He said the level of storage and the balance between supply and demand should be carefully monitored, but it makes sense for OPEC members to improve their market share strategy by improving demand.
Russia's energy minister added that none of Russia's oil companies would be exempt from the voluntary production reduction program to help stabilize the oil market.
Emphasizing that Moscow fully fulfills its commitment to reduce OPEC Plus supply, Novak said Russia's total production would fall by 15 percent in 2020 to 9.6 million to 10 million barrels per day, the first drop in production. It has been an annual event since 2008.
Russia's Interfax news agency
NOURNEWS