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OPEC, Russia Signal Global Oil Alliance May Endure Past 2018

  • Oil market still isn’t fully re-balanced, Russia’s Novak says
  • It’s unclear whether inventories will drop at same pace: Falih
Bloomberg business news
Saudi Energy Minister Khalid Al-Falih and his Russian counterpart Alexander Novak speak with Bloomberg.(Source: Bloomberg)
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OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until the end of the year to clear a global glut and signaled their readiness to cooperate beyond that.

Russia is prepared to continue cooperating with OPEC and its de-facto leader Saudi Arabia even after the cuts expire, Energy Minister Alexander Novak said in a Bloomberg television interview held jointly with his Saudi counterpart. Producers should keep limits on output through 2018 as the market may re-balance at the end of the year or in 2019, Saudi Energy Minister Khalid Al-Falih said. Neither minister said whether the cuts would continue in 2019.