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Kremlin says no decision yet on prolonging global oil output cuts
March 14, 2017 / 9:54 AM / 8 months ago

Kremlin says no decision yet on prolonging global oil output cuts

MOSCOW (Reuters) - It is too early to decide on a unified position about the possible extension of a global pact to cut oil output, a Kremlin spokesman said on Tuesday.

Kremlin spokesman Dmitry Peskov attends a news conference of Russian President Vladimir Putin and Laos' Prime Minister Thongloun Sisoulith following the Russia-ASEAN summit in Sochi, Russia, May 20, 2016. REUTERS/Sergei Karpukhin

“There is no unified position,” Dmitry Peskov told reporters on a regular conference call, when asked about a possible decision to prolong the cuts.

“Shale oil producers (in the United States), which are using these higher oil prices, are putting pressure on the oil market. There are different points of views. It is premature to talk about the possibility of formulating a unified position,” Peskov added.

The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed in December to cut oil output in order to remove a global stockpile overhang and support oil prices.

The deal to cut around 1.8 million barrels per day is affective until the end of the first half of the year. The agreement lifted oil prices but also encouraged U.S. companies to boost supplies.

Reporting by Maria Tsvetkova; writing by Vladimir Soldatkin; Editing by Christian Lowe

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