UPDATE: Minister: Russia, SArabia think reduction deal should be extended

(releads, adds quote in paragraph 2)

RIYADH, Nov 2 (PRIME) -- Russia and Saudi Arabia gave agreed that production reduction deal between OPEC and non-OPEC states may be prolonged, Russian Energy Minister Alexander Novak said on Thursday after a meeting with Saudi Arabian King Salman bin Abdulaziz Al Saud.

“The king was satisfied with the joint actions of the Russian Federation and Saudi Arabia in rebalancing of the oil market. We also discussed that the deal must be prolonged if necessary,” he told reporters.

The OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries including Russia agreed to cut their combined output by 558,000 barrels. The agreement was concluded for January–June and prolonged for nine more months in May.

Novak said that Russia reduced oil production by 315,000 barrels per day (bpd) in October compared with October 2016 and fully complied with an oil output reduction deal with OPEC.

“Our production was cut by 315,000 barrels compared with October of last year. The target level stands at 300,000, we’ve over-fulfilled it by 5%,” he said.

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