Russian oil companies agree to extend deal on oil production cut

Mon 15 May 2017 09:00 GMT | 13:00 Local Time

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Russia and Saudi Arabia are going to hold consultations with the parties to the deal before May 24, according to TASS.

All Russian oil companies share the position of the Russian Ministry of Energy to extend the agreement on reducing oil production for another 9 months, Energy Minister Alexander Novak told reporters.

"Before discussing extending the agreement with my colleague from Saudi Arabia, we discussed our position with our companies. This is our common consolidated position," the Minister said.

OPEC countries and countries outside the cartel participating in the deal on reducing oil production reached a full consensus on extending the deal, Khalid Al-Falih told reporters.

"I think the decisions will be positive in Vienna. We bring together a complete consensus of the group," the minister said. "Our nations agreed to extend the deal up to the end of March 2018 with the same volume of allocations, which was included in the agreement from December 10," he said.

Russia and Saudi Arabia are going to hold consultations with the parties to the deal before May 24, according to the joint statement of the two countries.

Thus, the Ministers agreed to hold consultations with "the countries-participants in the agreements and other producers before May 24" for the purpose of reaching a full consensus on the nine-month extension of the declaration on cooperation. 

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