Russia Needs Data on Oil Supply, Markets to Decide on More Cuts
- Country seeks more research before possible cuts extension
- Russia sees no output decision before OPEC meets in May: Novak
Russian Energy Minister Sees Option to Extend Oil Cuts
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Russia isn’t ready at the moment to support a possible extension of oil-supply cuts into the second half of the year, even as more crude producers acknowledge they will probably need to do so to achieve their goals of balancing the market and firming up prices.
Five members of the Organization of Petroleum Exporting Countries have signaled their support for a possible extension, along with non-member Oman, which joined the deal on output cuts that OPEC and 11 other suppliers reached in December. OPEC’s biggest producer Saudi Arabia has indicated it’s willing to extend the agreement if global stockpiles remain above their five-year average.