UPDATE: Min says Russia to reach oil output cut terms of OPEC deal by Apr

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KRASNOYARSK, Mar 29 (PRIME) -- Russia can cut oil production to the level agreed by the OPEC plus nonmember deal at the end of March, Energy Minister Alexander Novak told reporters on Friday.

“I think by the end of March we will achieve the average daily (reduction) of the output,” Novak said.

Russia did not discuss any timeline of possible prolongation of the agreement at a meeting of the monitoring committee in Baku in March, Novak said. “We said generally that we need to monitor the market. Let’s see how the situation develops in April,” Novak said.

On Thursday, Reuters reported that OPEC plus nonmembers can prolong the deal for three months in June instead of six months due to the ambiguity of Russia’s position on the issue.

Novak said that he did not make such proposals. He also said he will discuss the oil market situation and the OPEC plus nonmember deal with Iranian Oil Minister Bijan Zanganeh on April 1.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018. Currently, the agreement expires at the end of June.

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