Tag Archives: Alexander Novak

Russia would keep output cuts of 300.000 barrels per day from the level of October 2016.

Saudi Energy Minister Khalid al-Falih said on Monday the OPEC-led production cut could be extended beyond 2017.

Russia has agreed to cut its oil output by 300.000 barrels per day under the OPEC deal signed in Vienna.

Russian oil production declined by 254.000 bpd from April 1-26 compared with the reference level of October.

A number of major Middle East crude producers countries reached an initial agreement last week to extend output cuts beyond their June expiry.

Growth in Saudi Arabia. the region’s largest economy. is expected to slow to 0.4% this year.

A final decision will depend on how the situation in the oil market develops in April and on forecasts for May and June.

Russia’s Energy Minister Alexander Novak said last week that it is too early to talk about an extension.

Russia plans to hold an energy dialogue meeting with OPEC in Moscow on May 31.

The Russian business interest in Iran significantly grew in 2016.