May 26, 2018 / 6:01 PM / a month ago

Russia's Novak: return to October'16 oil output levels possible

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Saturday it was possible for the participants of the global oil output cut deal to bring their oil production back to the level of October 2016.

Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin

The level is the baseline for the current agreement which expires at the end of 2018.

“When we extended the agreement until the end of 2018, we spoke about such possibilities (of returning to the October 2016 level),” Novak told reporters.

“But a decision will be made in June,” he added, referring to a meeting between OPEC and non-OPEC countries in Vienna.

Reporting by Vladimir Soldatkin; editing by Maria Kiselyova and Toby Chopra

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