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Russia ready to extend oil production cut agreement with OPEC — minister

May 04, 16:03 UTC+3

Russian energy minister marked a high level of discipline in terms of meeting the obligations on oil production cut deal

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© Vladimir Smirnov/TASS

MOSCOW, May 4. /TASS/. Russia is ready to extend the oil production cut agreement with OPEC, according to the Russian Energy Ministry.

"Now we are holding final negotiations on this topic with our partners and are inclined to think that extension is reasonable," the energy minister said.

According to Novak, "reduction of the surplus of commercial reserves on the market is going at a fairly good pace, while the reserves in floating storage facilities and tankers have decreased by about half."

The minister marked a high level of discipline among the countries in terms of meeting their obligations on oil production cut deal and a good pace of growth in demand. 

Novak added that for the full recovery of the market, it is necessary to extend the initiative.

Under the agreement with OPEC Russia is to reduce its average daily oil production by 300,000 barrels in the first half of 2017, or by 2.7% in comparison with the level of last October.

On May 2, the Energy Ministry reported that the target had been achieved.

At a meeting in Vienna on May 24-25, OPEC and Russia will hold official negotiations on the extension of the deal for another six months. To date, most cartel countries have expressed their support for the prolongation of the agreement.

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