Russia to Maintain Oil Output at 300,000 BPD in May, June - Energy Minister

Alexander Novak said that Russia is going to maintain the oil output at the level of 300,000 barrels per day in May and June as the situation with the extension of the oil output cut deal is not clear yet.

MOSCOW (Sputnik) – Russia is going to maintain the oil output at the level of 300,000 barrels per day in May and June as the situation with the extension of the oil output cut deal is not clear yet, Russian energy minister Alexander Novak said Saturday.

"We reached the level of 300,000 barrels per day by the end of April, we will stick to that level in May and June. If the decision on extension is taken, than it will be easier no to change the parameters. But we will discuss it, I cannot say something definite now," Novak said.

Commenting on the forecast for Russian oil output in 2017, the minister said that the forecast will be updated depending on the results of negotiations concerning the extension of the deal.

"We have not changed our forecast, since no decisions have been made. We will update our forecast after decision is made," Novak noted.

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