December 21, 2017 / 9:27 PM / in 10 months

Russia's Novak: No detailed oil deal exit talks until market in balance

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said there is a consensus on how to handle an exit from the global oil output cuts deal, but detailed exit talks should only begin when markets approach a balance, he told Reuters.

Russian Energy Minister Alexander Novak addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader

The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed last month to extend their deal to cut a combined 1.8 million barrels per day of oil production to the end of 2018 in order to remove excessive inventories and support oil prices.

Novak also said there was an option of extending the deal beyond its expiration date of the end of 2018, while he sees markets balancing in third quarter 2018 or the end of next year.

“Our task, above all, is the balance of the market and sustainable demand and supply balance. We are aiming at reaching this result, this could be achieved, if the things are going well ... during 2018,” Novak said in an interview.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Katya Golubkova and Jane Merriman

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