The Russian Energy Minister, Alexander Novak, said it was too early to make a decision on extending production cuts past next March, Reuters reports.
OPEC is expected to discuss an extension of its production-cut agreement with Russia and other oil producers during its meeting in November. OPEC sources indicated that the oil cartel will probably seek to extend the agreement, according to Reuters.
Compliance with the agreement since its implementation in January stands at 102%, Novak said. OPEC, he said, has fully complied with its commitment while the non-OPEC countries have exceeded their mandatory cuts by 6%, according to Reuters.
Earlier this month, the Joint Ministerial Monitoring Committee, announced that the participating countries were 120% compliant with the agreement, indicating that compliance is increasing.
In January, Russia, OPEC, and several other non-OPEC oil producers implemented an agreement to collectively cut oil production by 1.8 million barrels per day in an attempt to decrease global supplies and drive up oil prices.