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World oil prices

Extension of OPEC deal aimed at aligning energy prices dynamics, Kremlin says

© AP Photo/Nabil al-Jurani

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

KRASNODAR, May 23. /TASS/. The extension of the oil production cut agreement between OPEC and non-OPEC nations is aimed at aligning the dynamics of energy prices, Kremlin spokesman Dmitry Peskov said Tuesday.

"The issue here is first of all about joint efforts aimed at aligning the dynamics of energy prices," he said when asked about the benefit for Russia’s budget from the deal’s extension.

OPEC, Russia and a number of non-OPEC oil-producing countries will discuss the extension of the agreement on reduction of oil output for another nine months at a meeting in Vienna on May 25.

Saudi Energy Minister Khalid al-Falih said earlier that all participants of the deal have already given a preliminary consent to the extension of the production cut until end-March 2018. Russian Energy Minister Alexander Novak and Khalid al-Falih have repeatedly said that it is necessary to extend the present agreements to reduce global oil reserves to the latest five-year average. The new agreement will help hit this target by end-2017, they said.

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Dmitry Peskov Oil price OPEC

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