Russia to consider extension of oil output cut deal with OPEC - deputy PM

Russia to consider extension of oil output cut deal with OPEC - deputy PM
FILE PHOTO: Russian Finance Minister Anton Siluanov leaves after talks with major Russian firms representatives in Moscow, Russia August 24, 2018. REUTERS/Tatyana Makeyeva Copyright TATYANA MAKEYEVA(Reuters)
By Reuters
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NUR-SULTAN (Reuters) – Russia will consider a possible extension of its oil output reduction agreement with the Organization of the Petroleum Exporting Countries (OPEC) and other producers, Russian First Deputy Prime Minister Anton Siluanov told Reuters on Wednesday.

“There are many economic issues and strategic issues (related to this),” Siluanov said on the sidelines of a conference in Kazakhstan. “We will look into this.”

OPEC, Russia and other producers agreed to cut output by 1.2 million barrels per day (bpd) from January for six months to boost oil prices by reducing global inventories.

OPEC and the other producers involved in the supply agreement, an alliance known as OPEC+, are scheduled to meet to discuss extending the pact in Vienna during OPEC’s meeting planned for June 25 to 26.

However, the meeting may be pushed back to July 3 to 4, two OPEC sources said on May 20.

(Reporting by Olesya Astakhova; writing by Olzhas Auyezov; editing by Christian Schmollinger)

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