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Russia says OPEC, non-OPEC producers to debate 12-month oil cut extension
May 24, 2017 / 5:02 PM / 4 months ago

Russia says OPEC, non-OPEC producers to debate 12-month oil cut extension

Russia's Energy Minister Alexander Novak attends a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song

VIENNA (Reuters) - OPEC and non-OPEC producers will discuss on Thursday an option to extend existing oil output cuts by a total of 12 months until June 2018, Russia’s energy minister said on Wednesday.

“The recommendation is to keep current quotas,” Alexander Novak said after an informal meeting between several OPEC and non-OPEC ministers, known as the joint monitoring committee.

“The duration is 9 months. Tomorrow we will discuss a possibility of extension by another three months (to June 2018),” he said.

Reporting by Vladimir Soldatkin; Writing by Dmitry Zhdannikov; Editing by Elaine Hardcastle

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