UPDATE: Russian minister says OPEC may revise quotas in June

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JEDDAH, Saudi Arabia, Apr 20 (PRIME) -- The participants of an OPEC plus non-member agreement on oil production cut can revise the quotas in June if necessary, as market glut has fallen to 12 million barrels as of April 1 from 340 million barrels at the beginning of 2017, Russian Energy Minister Alexander Novak told reporters on Friday.

“Our agreement will remain in force until the end of the year, we can consider reduction of some quotas within this time in June among other things if this is viable from the point of view of the market,” Novak said.

Russia fulfills the OPEC plus non-member agreement by almost 100% as of mid-April, Novak said.

“As of mid-April, by almost 100%,” Novak said. “We think that we will reach 100% until the end of the month.”

He also said the combined compliance with the deal terms amounted to 149% in March.

Saudi Energy Minister Khalid Al-Falih said that the OPEC deal participants plan to extend the list of monitoring tools and to present it.

Energy Minister of the United Arab Emirates Suhail Al Mazroui said he hopes that the agreement will become perpetual and that its draft will be presented in 2018.

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 prolonged until the end of 2018 in November 2017. in June.

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