Russia Remains Undecided on OPEC Output Deal

Russia Remains Undecided on OPEC Output Deal

Russia did not take its final decision on the production cut agreement led by the Organization of the Petroleum Exporting Countries (OPEC), Reuters reported.

Russian Energy Minister, Alexander Novak said that it was too early to speak about preferable options, adding “we should do what is more expedient for us.”

Novak also pointed out that output cuts mainly target achieving balance in the global oil market not reaching certain crude price levels.

Therefore, OPEC and its allies, including Russia, will hold a summit on June 25-26 to decide on whether they will extend the agreement. The meeting was originally scheduled to take place on April 17, however, it was announced in March that it will be delayed to allow for more time to decide on the future of the deal.

Gazprom Neft, a subsidiary of the Russian giant Gazprom, expects the oil output curbs to end in H1 2019.

On the other hand, Russia must remain committed to the production agreement with the OPEC, according to the UAE Energy Minister, Suhail Al-Mazroui.


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