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Russia to decide on extending output cuts in April-May — energy minister

February 11, 2017, 22:19 UTC+3

"I think that it is still early to speak about it," Alexander Novak said

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SOCHI, February 11. /TASS/. Russia will take a decision in April-May if it would extend an agreement on oil production curbs, Energy Minister Alexander Novak on Saturday.

"I think that it is still early to speak about it," Novak said. "We have such an opportunity and in about April-May we are due to take such a decision."

Earlier, Iran’s Oil Minister Bijan Namdar Zanganeh told Fars news agency that OPEC should cut crude production in the second half of 2017, but additional consultations were needed. He gave a positive assessment of the current situation in oil market but emphasized it should be improved.

On 30 November 2016, the Organization of the Petroleum Exporting Countries (OPEC) agreed oil output cuts by 1.2 mln barrels a day would start on January 1, 2017. On December 10, OPEC and non-OPEC countries signed the agreement on joint reduction of oil output at a meeting in Vienna. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of 2017, and reduce production by another 558,000 barrels per day. Thus, the total crude production cut will amount to 1.7-1.8 mln barrels per day. Russia plans to cut its oil production by 300,000 barrels per day in the first half of the current year.

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