Russia’s Novak says to consider extension of oil cut deal if glut persists

6 Sep 2017   OPEC, Russia

Russian Energy Minister Alexander Novak said on Wednesday that Moscow would consider extending a deal with OPEC and other producers to cut oil production further into next year if a supply glut persists. “If we see that market is imbalanced we will consider extension,” Novak told reporters. “We will take such a decision if (an extension) would be needed.” Russia and Saudi Arabia, the world’s top oil producers, are leading a global oil-cut deal between OPEC and some non-OPEC members. The current deal runs through March 2018. OPEC, along with Russia and other producers, are cutting production through March 2018 to try to end a global oil supply glut.

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