April 9, 2019 / 9:40 AM / 13 days ago

Russia's Novak sees no need to extend OPEC deal if second half market seen balanced: RIA

FILE PHOTO: Russian Energy Minister Alexander Novak arrives at the OPEC headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger/File Photo

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Tuesday there would be no need to extend the global oil output deal between OPEC and its allies if the oil market is expected to be balanced in the second half of the year, the RIA news agency reported.

A decision on whether to extend the deal will be taken in June and only speculation on the deal’s future is possible before that time, Novak was cited as saying.

Reporting by Vladimir Soldatkin; Writing by Tom Balmforth; Editing by Dale Hudson

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