September 11, 2018 / 6:12 AM / 2 months ago

Russia's Novak says OPEC+ may sign new long-term deal in December: TASS

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

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Tuesday that the OPEC+ oil group may sign a new long-term cooperation deal at the beginning of December, the TASS news agency reported.

OPEC, Russia and other non-OPEC members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. Months of underproduction in Venezuela and elsewhere had pushed adherence higher.

Novak did not provide details.

Reporting by Katya Golubkova; writing by Tom Balmforth; editing by Jason Neely

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