Russia Has To Regain Global Oil Market Share Once Demand Heals, Novak Says

“Once (oil) demand starts returning to the pre-crisis levels, it will be extremely important for Russia and for other oil producing countries to quickly regain market share, or even to raise it,” Novak said.

He did not say if the programme of unfinished wells, a scheme widely used by U.S. shale oil producers, has been approved by the government after being announced in May.

OPEC and its allies, a group known as OPEC+, are cutting output by 7.7 million barrels per day (bpd) until December to support prices as the coronavirus pandemic hammers demand.

Novak said that the government would offer three-year tax breaks for companies engaged in the programme from early 2022, estimating the number of the unfinished wells at 2,700.