Russia leading towards extending OPEC agreement

Russia is leaning towards extending the production cut agreement pledged by OPEC and non-OPEC producing nations for another six months, Russian energy minister Alexander Novak was quoted as saying this week.

“For the market to fully recover, the initiative must be extended,” Novak said in a statement sent to the media, with regards to the current status of the global agreement to curb oil output, Reuters reported.

"Now we are holding final negotiations on this topic with our partners and are inclined to think that extension is reasonable,” he added.

Additionally, Novak praised the “high level of discipline” shown by countries that partake in the agreement, “as well as the good pace of growing (crude) demand.”

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