Russian Energy Minister Alexander Novak said on Friday a decision on extending a global pact to cut oil production had not yet been taken, but would be discussed with OPEC on May 24.
The Organization of the Petroleum Exporting Countries and other leading oil producers have pledged to curb output by 1.8 million barrels per day (bpd), with Russia’s contribution of cuts amounting to 300,000 bpd to be gradually phased in.
The goal was to reduce bulging global inventories and lift oil prices. Despite a modest recovery in the market, oil stocks remain high and the focus is now on whether OPEC and non-OPEC producers will prolong the cuts into the second half of 2017.
OPEC’s next policy-setting meeting is set for May 25, with a decision expected at that time on whether to extend the curbs.
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