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Russia is likely to back a further extension of the OPEC agreement cutting oil output. judging that it has helped to stabilize the market. the country’s deputy prime minister said.
`The most likely outcome is that the deal will be extended.` Arkady Dvorkovich said in an interview with Bloomberg TV in Cernobbio. Italy. though he added that it’s still too early to make a definitive decision. `We are still six months away. so we will see.` he said.
Members of the Organization of Petroleum Exporting Countries agreed in May to maintain curbs on production until March 2018 as part of efforts to reverse a drop in crude prices which has their economies and budgets. The cuts came into effect in January after an initial deal in November 2016.
`Based on preliminary assessment. it is clear that the deal was efficient and contributed to the stabilization of the market.` Dvorkovich said. The Russia oil ministry is “fully involved“ in monitoring compliance with the reductions. he added.
Russia’s energy minister Alexander Novak and his Iraqi counterpart Jabbar al-Luaibi met last week in Moscow to discuss cooperation within the framework of the OPEC and non-OPEC ministerial meeting. according to the Russian Energy Ministry.
Russia’s publicly traded oil producers. both state-led and non-state. have voluntarily reduced output in order to support prices.
Brent crude. the international benchmark. is trading at about $53 a barrel. around the same level as when cuts were agreed in May.
