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Kremlin - no decision on extending oil output deal with OPEC into second-half
May 4, 2017 / 10:03 AM / 3 months ago

Kremlin - no decision on extending oil output deal with OPEC into second-half

1 Min Read

FILE PHOTO: A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, Russia, January 28, 2015.Sergei Karpukhin/File Photo

MOSCOW (Reuters) - The Kremlin said on Thursday it had not yet decided whether Russia would extend an agreement with OPEC and non-OPEC countries on oil output cuts into the second half of the year.

"No decision has been made yet," Kremlin spokesman Dmitry Peskov told a conference call with reporters.

The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, has pledged to cut output by 1.8 million barrels per day (bpd) in the first half of 2017.

Under the deal, Russia pledged to reduce its average daily production gradually by 300,000 barrels to 10.947 million bpd, down from the October level of 11.247 million bpd.

Russia's Energy Ministry said on Wednesday the country's oil production on May 1 was 300,790 bpd below the October level.

Reporting by Dmitry Solovyov; Editing by Jack Stubbs

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