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Russia, Saudi Arabia Discussed Extending OPEC-led Deal, No Decision

Source: Reuters 9/5/2017, Location: Middle East

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Russia and Saudi Arabia have discussed extending an oil output cut deal between OPEC and non-OPEC producers but no specific decisions have been made, the TASS news agency quoted Russian Energy Minister Alexander Novak as saying.

The Organization of the Petroleum Exporting Countries and other producers led by Russia are cutting oil output until the end of March 2018. A committee of OPEC and non-OPEC nations recommended extending the curbs further if needed.

“We met in St Petersburg and discussed such an option (with Saudi Arabia) - that it is possible within the framework of the signed agreements,” TASS quoted Novak as saying.

“We are considering all kinds of options. We may consider the issue of extending (the OPEC-led deal) if need be.” The Interfax news agency quoted Novak as saying it was premature to talk about the possible extension to the deal.

OPEC and other leading oil producers including Russia agreed at the end of last year to cut their combined oil production by almost 1.8 million barrels per day (bpd) to help rebalance the market amid weaker oil prices. Russia has agreed to reduce its output by 300,000 bpd from the October level of 11.247 million bpd.

Russian oil output fell to a year-low of 10.91 million bpd in August from 10.95 million bpd in July, Energy Ministry data showed.

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