Russia's Novak says decision on future of oil supply cut pact by May-June

FILE PHOTO - Russian Energy Minister Alexander Novak attends a session of the Russian Energy Week international forum in Moscow, Russia October 3, 2018. REUTERS/Sergei Karpukhin - Copyright SERGEI KARPUKHIN(Reuters)

By Reuters

Published on 17/03/2019 - 19:04•Updated 24/04/2024 - 09:39

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BAKU (Reuters) - Russian Energy Minister Alexander Novak said on Sunday that a decision would be made by May or June on whether to continue with an ongoing oil output pact between OPEC and non-OPEC members through the second half of this year.

Novak said that Russia was committed to the supply cut pact, which is due to expire in June.

Currently, the group sees oil prices as being stable, with volatility low, Novak said. Demand will rise in the second and third quarters, he added.

(Reporting by Vladimir Soldatkin; Writing by Polina Ivanova)

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