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Brent price rises after news on possible OPEC output cut extension

May 15, 8:58 UTC+3 MOSCOW

Brent oil futures prices with delivery in July 2017 grew 1.6% to $51.69 per barrel

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MOSCOW, May 15. /TASS/. Brent oil futures prices with delivery in July 2017 grew 1.6% to $51.69 per barrel during the trading session on the London-based ICE on Monday, according to trading data.

Earlier, Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said in a joint statement that the two countries would recommend other participants of OPEC deal to cut oil production to extend it for another 9 months, until the end of March 2018, retaining the previous quota of 1.8 mln barrels per day.

Russia and Saudi Arabia plan to hold consultations with participants of the deal before May 24. The extension of the deal is necessary for achieving the target of bringing stock levels back to the five-year average.

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