BEIJING (Sputnik) — There are no reasons for any participants of the Vienna agreement on oil output cuts to quit the deal, and new states may join this agreement, Russian Energy Minister Alexander Novak said Monday.
"The preliminary consultations show that all sides remain committed [to the deal]. I do not see any reasons for any states to quit the deal. Each side is currently adhering to the agreement, and I think that unless the goals are reached there is a big sense to continue this collaboration," Novak told reporters in Beijing.
"Possibly, yes, we are currently working on that," Novak said.
In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices. The deal prescribes the possibility of extension.
Earlier in the day, Saudi Energy Minister Khalid Falih said that Russia and Saudi Arabia had come to the conclusion that the Vienna agreement on oil output cuts should be extended until end of March of 2018.
Global oil stockpiles are falling as participating members of the Vienna agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on oil output cut fully adhere to the deal, Novak said added.
"We noted that the [the Vienna agreement] is being fully implemented, as for now, a voluntary reduction of oil output has reached 1.7 million barrels per day. We also see the reduction of oil reserves both at the land, and at the offshore storage facilities, which is confirmed by the data from the last few weeks on the reduction of stockpiles," Novak told reporters after the meeting.
