Report: Russia, Saudi Arabia stand for gradual rise of oil output
MOSCOW, Jun 14 (PRIME) -- Russia and Saudi Arabia agree that OPEC and non-OPEC states should gradually increase their oil production, Bloomberg reported on Thursday quoting Russian Energy Minister Alexander Novak.
But the countries are still discussing the terms and volumes of the increase, Novak said as cited by Bloomberg.
In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was initially concluded for January–June, prolonged for nine more months in May and then until the end of 2018 in November.