• 23 hours Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 3 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 10 hours Clean Energy Is Canceling Gas Plants
  • 13 hours GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 16 hours America's Frontline Doctors - Safely Start Living Again!
  • 1 day Biden denies fracking ban
  • 1 day "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 11 hours OP article : "Trump blasts Biden Fracking Plan . . . "
  • 9 hours Rethinking election outcomes for oil.
  • 9 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 12 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 21 hours Is the coal industry on the way out?
  • 2 days Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
Venezuela’s Oil Major Sees Oil At $35 Through 2021

Venezuela’s Oil Major Sees Oil At $35 Through 2021

Venezuela’s state oil company has…

World Bank Sees Oil Average $44 in 2021

World Bank Sees Oil Average $44 in 2021

Energy prices suffered the most…

Oil Rallies As Trump Returns To The White House

Oil Rallies As Trump Returns To The White House

After soaring on Monday, oil…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Inclined To Extend Output Cut Deal With OPEC

Russia is ready to extend the oil cut deal with OPEC and is inclined to believe that an extension is reasonable, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Thursday.

Now we are holding final negotiations on this topic with our partners and are inclined to think that extension is reasonable,” Novak said, as carried in English by TASS.

The surplus of commercial reserves is being reduced at a fairly good rate, and reserves in floating storage facilities have been reduced by about half, Novak noted, as quoted by TASS.

The Russian minister praised the signatories to the agreement for their high level of commitment and compliance to the cuts, and noted that oil demand growth was healthy.

Under the deal between OPEC and 11 non-OPEC producers, Russia had to cut output by 300,000 bpd by the end of the first half. Just yesterday, sources from the Energy Ministry told media that Russia had exceeded its assigned quota for crude oil production cuts by 790 barrels a day. Russia hit the 300,000 bpd cut shortly before the end of April.

So far Russia had given its principal support of an extension, but Alexander Novak had not gone into any details besides saying that the support is conditional on consensus within OPEC.

Last week, Saudi Oil Minister Khalid al-Falih said that he would discuss a possible extension with Novak within the next two weeks.

“There seems to be a consensus in that direction, but we’re not 100 percent there,” al-Falih told reporters while on a visit to Azerbaijan, as quoted by Bloomberg. Related: Trump Flirting With The Idea Of A Federal Gasoline Tax Increase

“We still need to talk to all countries. A very important country to talk to, of course, is Russia, the biggest non-OPEC exporter,” al-Falih noted.

Many OPEC countries have hinted that the cuts need to be extended beyond June, and analysts are mostly expecting a rollover until the end of the year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Scott Leach on May 04 2017 said:
    Must be Jawbone Thursday! More BS from the over producing side to slow the fall.

    The cut was never a cut - that's why it didn't work.

    This is the definition of FAKE NEWS....when it is published purely to influence speculation and nothing more.
  • James on May 04 2017 said:
    Russia inclined to continue cuts! They just declared that they reached their quota per the agreement. It's the 5th month and now finally compliant. They continue to manipulate these countries and reap the benefits.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News