Novak: Russia has to regain global oil market share once demand heals

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 inhouse magazine published on Tuesday.

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

He hasn’t said if the programme of unfinished wells has been already approved by the government after being announced in May.