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Talks Underway on Possible Oil Output Deal Extension Beyond 2017 – Kremlin

Talks Underway on Possible Oil Output Deal Extension Beyond 2017 – Kremlin

Talks Underway on Possible Oil Output Deal Extension Beyond 2017 – Kremlin
May 10
16:23 2017

Russia thinks about possible agreement to curb oil output beyond this year to bolster prices, Kremlin spokesman Dmitry Peskov said Wednesday.

Russia is in discussions with other major producers on the possible extension of the agreement to curb oil output beyond this year to bolster prices, Kremlin spokesman Dmitry Peskov said Wednesday.

“I cannot answer your question, you know that appropriate negotiations are underway,” Peskov told reporters when asked if Russia agreed to extend the so-called Vienna Agreement after 2017.

In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.

 

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Edward Bokhua

Edward Bokhua

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