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OPEC+ deal extension will be discussed on November 30 — minister

Extension parameters of the OPEC and non-OPEC oil production limiting agreement expiring in March 2018 will be discussed in Vienna on November 30

Russia's Energy Minister Alexander Novak Anton Novoderezhkin/TASS

Russia's Energy Minister Alexander Novak

© Anton Novoderezhkin/TASS

SANTA CRUZ, November 24. /TASS/. Extension parameters of the OPEC and non-OPEC oil production limiting agreement expiring in March 2018 will be discussed further, Russian Energy Minister Alexander Novak told TASS on Friday on the sidelines of the Gas Exporting Countries Forum (GECF) summit.

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Almost all Russian oil companies ready to extend OPEC+ deal — sources

"We will discuss; no [not approved - TASS]," the minister said responding to a question whether Russia and OPEC reached an agreement to extend the deal until 2018 year-end.

Russia and OPEC negotiated extension of the deal until the end of the next year, some mass media reported earlier citing sources. Russia is ready to discuss extension of the deal after March 2018, Novak said earlier.

According to information of TASS sources, the Russian Energy Ministry discussed an option of the OPEC+ deal extension with national oil companies and companies expressed readiness for such a scenario.

The OPEC+ meeting will be held in Vienna on November 30. Ministers of OPEC and non-OPEC countries are expected to discuss potential extension of the OPEC+ oil production limiting deal. The agreement aimed at oil rebalancing on the global market is to expire in March 2018.

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