September 6, 2017 / 2:28 AM / a year ago

Russia's Novak says to consider extension of oil cut deal if glut persists

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.

Russian Energy Minister Alexander Novak prepares for a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Commettee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov

“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

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