"Russia is in solidarity with the efforts of the partners aimed at rebalancing the market and believes that the joint initiative to stabilize the world oil market is currently effective. We are discussing various options and believe that an extension for a longer period will help speeding up the return of markets to a healthier state," Novak told reporters.
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 OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.
