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Global oil markets will reach a supply-demand balance in late 2017 or early 2018 if a pact to cut output is extended. Russia`s energy minister was quoted by local news agencies as saying.
Alexander Novak told the agencies that Russia would keep output cuts of 300.000 barrels per day from the level of October 2016 as stipulated by the December 2016 deal. He also said OPEC countries and other leading oil producers would discuss extending the deal in the second half of the year or maybe further than that.
He added that Russia`s oil output forecast of 549-551 million tones for this year remained the same but could change depending on the outcome of oil producer nation talks in Vienna later this month.
