Russia to discuss extending oil cut with OPEC May 24

Russian Energy Minister Alexander Novak said a decision on extending a global pact to cut oil production had not yet been taken, but would be discussed with OPEC on May 24, according to Reuters.

The Organization of the Petroleum Exporting Countries and other leading oil producers have pledged to curb output by 1.8 million barrels per day (bpd), with Russia`s contribution of cuts amounting to 300,000 bpd to be gradually phased in, Reuters reports.

The goal was to reduce bulging global inventories and lift oil prices. Despite a modest recovery in the market, oil stocks remain high and the focus is now on whether OPEC and non-OPEC producers will prolong the cuts into the second half of 2017.

OPEC`s next policy-setting meeting is set for May 25, with a decision expected at that time on whether to extend the curbs.

Novak said information on the oil market`s situation and forecasts were being digested in order to draw a conclusion.

”The OPEC Secretariat will send the information to all the countries that are taking part in the agreement and we will discuss the issue during a ministerial meeting on May 24,” said Novak.

He was believed to be referring to a joint committee of ministers from OPEC and non-OPEC producers that monitors compliance with the accord.

”There are no firm decisions on that. Each country is looking into the matter by itself so it can make its proposals and evaluations,” said Novak.

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