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Oil report

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

MOSCOW, Sept 8 (Reuters) - 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.

In order to ensure Russia has not lost its oil market share after a global deal oil production cuts is over in 2022, Moscow has worked out a scheme of unfinished oil wells, which could be launched once the output reduction agreement is expired.

“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. (Reporting by Vladimir Soldatkin, Olesya Astakhova and Katya Golubkova, editing by Louise Heavens)

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