Decision On Oil Pact Could Come In Late Spring, Early Summer-Russian Dep PM
MOSCOW, Jan 19 (Reuters) - A decision on global oil output cuts could be made in late spring or early summer once it becomes clear how sustainable the current trend in the oil market is, RIA news agency quoted Russian Deputy Prime Minister Arkady Dvorkovich as saying.
The Organisation of the Petroleum Exporting Countries and other leading oil producers led by Russia have agreed to extend oil production curbs until the end of this year to lower inventories and support prices.
OPEC will examine the progress of the deal at its next regular meeting in June. Prices have risen by a third since early 2017 helped by the agreement to curb output.
"The decision about the OPEC+ deal will be made once the information about the trend sustainability is understood. It is premature to talk about it," Dvorkovich said, adding that a decision would be taken in late spring or early summer on what to do next.
Energy Minister Alexander Novak has said the matter of how to make a smooth exit from the output deal could be discussed by ministers from OPEC and non-OPEC producers this weekend.
TASS news agency reported that Dvorkovich said on Friday that oil prices, which earlier this week reached $70.37 per barrel, their highest level since December 2014, could fall again.
(Reporting by Jack Stubbs; writing by Vladimir Soldatkin; editing by Alexander Smith and Jason Neely)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension