Russia quits OPEC+ deal but will monitor situation, says energy minister

There is no more oil output deal between Russia, its allies and members of OPEC oil-producing countries, Russian Energy Minister Alexander Novak said on Friday.

He also added that the OPEC+ group of nations would continue to monitor the market situation.

"Considering the decision taken, from April 1 of this year onwards, neither we nor any OPEC or non-OPEC country is required to make (oil) output cuts," Novak said.

OPEC and its allies including Russia have earlier agreed to curb oil output by 1.7 million bpd under a deal that runs to the end of March 2020.

However talks collapsed after OPEC effectively presented Russia with an ultimatum on Thursday, offering it a choice of accepting a deal with much bigger than expected cuts or no deal at all.