May 24, 2018 / 2:00 PM / in 8 months

Russia's Novak says oil production curbs could be eased 'softly': Ifax

FILE PHOTO: Russian Energy Minister Alexander Novak waits before a meeting of Russian President Vladimir Putin with Qatar's Emir Sheikh Tamim bin Hamad al-Thani at the Kremlin in Moscow, Russia March 26, 2018. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Thursday restrictions on oil production could be eased “softly” if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported.

Novak said OPEC and non-OPEC countries currently plan to keep their deal to cut global oil output in place, the news agency reported.

Novak said geopolitical risks, and primarily the possible U.S. withdrawal from the 2015 Iran deal, are adding $5-$7 per barrel to the oil price, Interfax reported.

Reporting by Maxim Rodionov; Writing by Tom Balmforth; Editing by Vladimir Soldatkin

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