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Russia said it supports a suggestion from Saudi Arabia that OPEC and its allies extend their oil output cuts into next year. doubling down on an effort to eliminate a supply surplus and boost prices.
We are discussing a number of scenarios and believe extension for a longer period will help speed up market rebalancing” the Russian Energy Ministry said in a statement Monday. “Russia expresses its full solidarity with the efforts of our partners aimed at rebalancing the global oil market and believes that joint efforts to date have been very effective.”
Russia and Saudi Arabia. the largest of the 24 nations that agreed to cut production. are reaffirming their commitment to the deal amid growing doubts about its effectiveness. Surging U.S. production has raised concern the Organization of Petroleum Exporting Countries and partners are failing to reduce an oversupply. Oil has surrendered almost all its gains since their deal late last year. Ministers will meet again in Vienna on May 25 to make the final decision on any extension.
