OPEC, Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices. The agreement, which came into effect in January 2017, has already been extended through until the end of this year.
When asked if Russia and other oil suppliers in the deal might jump off before the expected end-date, Novak repeated that such a decision would need more market data.
“I cannot at the moment give you a precise answer because we do not have the full idea how the market is going to perform in the forthcoming months. We need to carry on monitoring the situation,” Novak said.
“I cannot tell unequivocally: yes or no, this would be too blunt,” he said. “We keep our options open in order to be able to take a more balanced decision based on more accurate data over a longer-term period.”
Earlier on Friday, the Saudi Arabian Energy Minister, Khalid al-Falih, told CNBC that it’s not mission accomplished yet for the oil producers.
“We have to be patient. We shouldn’t jump the gun, we shouldn’t be complacent and listen to some of the noise such as ‘mission accomplished.’ I think we still have work ahead of us,” he said.
The next key date is June, when ministers reconvene to asses the path forward for the oil deal.
— CNBC’s Sam Meredith contributed to this report.
Source : CNBC