Below is the full text of a Russian energy ministry statement issued in English on Monday, citing comments by Energy Minister Alexander Novak.
For a related story, click here:
"Russia expresses its full solidarity with the efforts of our partners aimed at rebalancing the global oil market and believes that joint efforts to date have been very effective. We see high discipline among participants of the joint initiative, which has allowed them to already reach 100 percent conformity with the earlier announced levels, which is the equivalent of a cumulative voluntary reduction of production by a total of c. 1.8 million bpd (barrels per day) compared to October levels. Maximum conformity and a seasonal pick up in demand will further enhance the initiative's positive impact on the market in the coming months. We are discussing a number of scenarios and believe extension for a longer period will help speed up market rebalancing.
"As of now we are already witnessing oil and oil product draws in the OECD regions - a process which has commenced in March and will only be accelerating from here. Another important factor contributing to inventory draws is the reduction of oil in floating storage, which has dropped by more than a third year to date. At the same time, crude oil output growth in the United States is more than offset by demand growth, currently running at an annualised growth rate of 1.3 million bpd and cumulative voluntary reduction of output in a number of countries by 1.8 million bpd, which again underscores the initiative's effectiveness in helping stabilise the global oil market.”
(Editing by David Clarke)