BLOOMBERG.COM
Russia is likely to back a further extension of the OPEC agreement cutting oil output, judging that it has helped to stabilize the market, the country’s deputy prime minister said.
Russia is likely to back a further extension of the OPEC agreement cutting oil output, judging that it has helped to stabilize the market, the country’s deputy prime minister said.
"The most likely outcome is that the deal will be extended," Arkady Dvorkovich said in an interview with Bloomberg TV in Cernobbio, Italy, though he added that it’s still too early to make a definitive decision. "We are still six months away, so we will see," he said.
Members of the Organization of Petroleum Exporting Countries agreed in May to maintain curbs on production until March 2018 as part of efforts to reverse a drop in crude prices which has their economies and budgets. The cuts came into effect in January after an initial deal in November 2016.
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