June 5, 2018 / 6:59 PM / 13 days ago

Russia's Novak says demand should determine oil deal easing

VIENNA (Reuters) - Russian Energy Minister Alexander Novak said on Tuesday that oil demand should determine how OPEC and non-OPEC countries should adjust a current deal on oil output curbs.

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

The Organization of the Petroleum Exporting Countries and other oil producers led by Russia will convene in Vienna on June 22-23 to decide on a possible adjustment of the current oil output cuts deal, which is valid until the end of the year.

With oil recently reaching $80 a barrel, the highest since 2014, producers are now discussing easing some of the cuts.

“We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.

“And to look into the possibility of the adjustment of the cuts by taking into account demand,” he added.

Novak is a part of the Russian delegation headed by President Vladimir Putin in Austria.

Earlier on Tuesday he met OPEC Secretary-General Mohammad Barkindo in Vienna. After the meeting he said that OPEC and Russia share a common view on the oil market.

Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; Editing by Adrian Croft

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