February 7, 2020 / 10:06 AM / 14 days ago

Russia may reveal stance on oil output cuts next week - Novak

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

MOSCOW (Reuters) - Russia needs a few more days to assess proposals for deeper oil output cuts and could formulate a response possibly next week, Energy Minister Alexander Novak said on Friday.

“I can’t tell you about my position right now, maybe we will say it next week,” Novak said in response to a question about Russia’s stance.

“Russia needs a few days for market analysis,” Novak said.

A technical panel that advises the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia on Thursday proposed a provisional cut of 600,000 barrels per day (bpd), three sources told Reuters.

OPEC and its allies, a grouping known as OPEC+, are scheduled to meet in Vienna on March 5-6.

However, that might be brought forward as the outbreak of a new coronavirus in China hits oil prices.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jason Neely

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