UPDATE: OPEC wants to convince Russia to cut oil output by 300,000 bpd

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MOSCOW/VIENNA, Dec 5 (PRIME) -- OPEC is making effort to convince Russia to reduce oil production by at least 300,000 barrels per day and is ready for a gradual cut, sources close to the negotiations told PRIME on Wednesday.

The sources also said that Moscow has not yet made a final decision.

Russian Minister Alexander Novak has called his recent meeting with Saudi counterpart Khalid Al-Falihm “good,” and said that additional negotiations are to follow.

Oman’s Oil and Gas Minister Mohammed bin Hamad Al-Rumhi told reporters that he hopes for an agreement of all OPEC+ members and added that Iran, Venezuela and Libya need special approaches in terms of an oil production cut envisaged by the deal.

The ministerial committee to monitor the execution of the OPEC+ oil output reduction deal will meet in Vienna on Wednesday and is expected to issue recommendations for the participants of the deal. The recommendations will be discussed by OPEC members on Thursday and by all participants of the deal on Friday.

On Tuesday, Reuters reported that OPEC and non-OPEC states may postpone a further reduction of oil production due to Russia’s resistance to a significant cut.

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil production to rebalance the market. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day due to a favorable market environment.

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