VLADIVOSTOK, Russia (Reuters) - Russian Energy Minister Alexander Novak said on Wednesday that Moscow would consider extending a deal with OPEC and other producers to cut oil production further into next year if a supply glut persists.
“If we see that market is imbalanced we will consider extension,” Novak told reporters. “We will take such a decision if (an extension) would be needed.”
Russia and Saudi Arabia, the world’s top oil producers, are leading a global oil-cut deal between OPEC and some non-OPEC members. The current deal runs through March 2018.
OPEC, along with Russia and other producers, are cutting production through March 2018 to try to end a global oil supply glut.
Reporting by Oksana Kobzeva; Editing by Chris Gallagher and Shri Navaratnam