Moscow to discuss with Riyadh extension of the agreement, "OPEC"
MOSCOW (Reuters) - Russia and Moscow discussed the extension of an oil supply reduction agreement between producers from the Organization of the Petroleum Exporting Countries (OPEC) and others, but no decisions have been made, Russian Energy Minister Alexander Novak said on Tuesday.
"We met in St. Petersburg and we discussed this option with Saudi Arabia, we are studying all options and we can consider the extension of the agreement if necessary," Novak was quoted as saying. "It is too early to talk about the possibility of expanding the agreement," he said.
OPEC and other oil-producing countries, including Russia, agreed at the end of last year to cut its oil production by 1.8 million barrels per day to rebalance the market amid the decline in oil prices. Russia has agreed to reduce production by 300,000 bpd from 11.247 million bpd.