Saudi Arabia and Russia discussed extension of reduce deal without a decision

5 Sep 2017 03:14 PM

Russia and Saudi Arabia have discussed the possibility of extending the OPEC and Non-OPEC cut-off agreement but no final decision has been taken. The current deal cuts production until March 2018 with a recommendation from a committee of participating countries to increase production cuts if needed.
Alexander Novak, Russia's energy minister, said these options were discussed with the Saudi side in St. Petersburg and noted that this was possible within the framework of the signed agreements.
OPEC, with non-OPEC countries, led by Russia, agreed at the end of last year to cut production by about 1.8 million barrels a day to help restore the oil market to balance considering the decline in oil prices.
Russia's oil production in August fell to a year low of 10.91 million bpd compared to July when production reached 10.95 million barrels.

Tags: Oil OPEC

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