Report: Russia wants to prolong OPEC oil deal for at least 6 mos

MOSCOW, May 3 (PRIME) -- The Russian government believes it is necessary to prolong an agreement with OPEC on oil output reduction for at least six months in July, when the current deal expires, Bloomberg reported on Wednesday citing a government official.

Russia is satisfied with the pace of oil reserves decrease worldwide, he said. The growing production in some states is offset by a rising demand and compliance with the agreement conditions by the participants.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. 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 2017 with potential prolongation.

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