Novak: Oil Cut Pact Extension Decision Not Necessarily At Nov Meeting



Novak: Oil Cut Pact Extension Decision Not Necessarily At Nov Meeting
Russian Energy Minister Alexander Novak says an extension beyond March 2018 for a global deal between OPEC and other producing countries is being discussed.

Reuters

RIYADH, Nov 2 (Reuters) - Russian Energy Minister Alexander Novak said on Thursday an extension beyond March 2018 for a global deal between OPEC and other producing countries was being discussed, but a decision would not necessarily to be taken later this month.

"We're ready to discuss the topic and if need be we're ready to consider an extension," Novak said in Riyadh through a translator.

"But we would need to analyze a lot of data in order to understand the picture at the time of taking this decision and so this is why we believe it could be taken at a later date," he told reporters.

"If we see that the market is not balancing then we'll do it. I can give you a more specific answer if you can find me any person now who can say what the market will look like in five months. If you find a person like this, I will shake his hand," he added.

OPEC, Russia and other oil producers are due to meet on Nov. 30 in Vienna to decide whether to extend the current supply cut pact beyond March.

(Reporting by Katie Paul; Writing by Rania El Gamal; Editing by Mark Potter)



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