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Russian Energy Ministry predicts oil market stabilization by April 1, 2018

If it doesn't happen, the option of extending the OPEC + agreement will be used

VLADIVOSTOK, September 6. /TASS/. The Russian Energy Ministry predicts that the oil market will be stabilized by April 1, 2018, if that is not the case, the option of extending the OPEC + agreement will be used, said Russian Energy Minister Alexander Novak at the 2017 Eastern Economic Forum on Wednesday.

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"We forecast that the market should be stabilized by April 1. If it doesn't, we have an option that will let us consider and make a decision. Our views on stabilization have not changed," he said, while answering the question on the conditions necessary for extension of the OPEC + agreement, to reduce oil production.

The deal to reduce production, concluded by OPEC + countries at the end of last year, is valid until the end of March 2018. According to the agreement, the participants of the pact must cut production by 1.8 million barrels compared to October 2016.

The decision on OPEC + is on the agenda for the November meeting in Vienna. So far, Saudi Arabia, Kuwait, Venezuela and Angola have expressed their support for the extension.

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