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Russia, Saudi Arabia Seek Extension of Oil Output Cut Deal

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Oil production - Sputnik International
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Russia and Saudi Arabia are reportedly lobbying for the extension of the deal limiting crude oil production.

MOSCOW (Sputnik) – Russia and Saudi Arabia are pushing for the extension of the oil output cut deal for another three months, up to the end of June 2018, media reported Monday.

The issue was discussed by Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Falih in St. Petersburg last month, The Wall Street Journal reported citing its sources.

A worker of Russian gas and oil giant Gazprom works on February 18, 2015 in Novoprtovskoye oil and gas condensates oilfield at Cape Kamenny in the Gulf of Ob shore line in the south-east of a peninsular in the Yamalo-Nenets Autonomous District, 250 km north of the town of Nadym, northern Russia - Sputnik International
Moscow Open to Monitoring of Russian Oil Export Under OPEC Output Cut Deal
Both ministers have reportedly been lobbing the initiative during their conversations with representatives of other members of the oil output cut agreement since the July meeting.

The ministers have not responded to The Wall Street Journal’s requests for comments on the issue.

In 2016, the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement in Vienna to reduce daily oil production during the first half of 2017 in an effort to stabilize global oil prices.

The agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. In May, the deal was extended by nine months, till March 2018.

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