Russia Said to Back Extending OPEC Deal After Hitting Target
- Goal of cutting output by 300,000 barrels a day met on May 1
- Russia sees sense in extending output deal for six months
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Russia considers it sensible to extend the existing deal with OPEC to curb crude output for at least six months, given current market dynamics, according to a government official with knowledge of the matter.
Russia exceeded its target of cutting production by 300,000 barrels a day from October levels by 790 barrels a day on May 1, said the official who asked not to be identified as the information isn’t public. The world’s largest energy exporter will maintain that output level through June under the current deal.