Minister: Russia ready to mull OPEC+ deal extension in Vienna

SANTA CRUZ, Bolivia, Nov 24 (PRIME) -- Russia is ready to discuss prolongation of an agreement to reduce oil production between OPEC and non-OPEC states at an upcoming meeting of its members, Energy Minister Alexander Novak said on Friday.

“We are ready to discuss the issue and I think we will be able to discuss it on the 30th in Vienna,” he said.

Novak also said that some energy ministers negotiated the future of the deal at a forum now held in Bolivia.

“We have discussed the issues with the energy minister of Qatar, a deputy energy minister of the United Arab Emirates, the petroleum minister of Venezuela (Eulogio) Del Pino. Tomorrow we will also hold a number of meetings and may discuss the topic,” he said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.

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