Novak: Russia Must Restore its Share in Oil Market as soon as Demand Recovers

Russian Energy Minister Alexander Novak said that it is “very important” that Russia and the rest of the oil producers quickly regain their market share or even raise it as soon as the demand for crude recovers.

In order to ensure that it does not lose its share in the oil market after the end of a global agreement to reduce oil production in 2022, Moscow has developed a plan for incomplete oil wells, which can be launched once the term of the production cut agreement expires.

“Once the demand for oil begins to return to pre-crisis levels, it will be extremely important for Russia and other oil-producing countries to quickly restore or even increase market share,” Novak added.

Novak did not say whether the government had already approved the unfinished well program after it was announced in May.