Russia-OPEC Agree on Framework to Extend Oil Cuts
- Kremlin said to be willing to announce end-2018 deal on Nov 30
- Various options still on the table, says Energy Minister Novak
Putin Emerges as OPEC's Most Influential Player
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OPEC and Russia have crafted the outline of a deal to extend their oil production cuts to the end of next year, although both sides are still hammering out crucial details, according to people involved in the conversations.
The Organisation of Petroleum Exporting Countries and several non-OPEC nations led by Russia will meet next week in Vienna to discuss prolonging their output curbs. Moscow had been hesitating over the need for an extension now because the current deal doesn’t expire until the end of March.