September 7, 2017 / 2:51 PM / 10 months ago

Russia's Novak says it is premature to extend global oil deal

MOSCOW (Reuters) - It is premature to decide on extending the global deal to reduce oil production as the oil market has been rebalancing, Russian Energy Minister Alexander Novak said on Thursday, according to the ministry’s Twitter feed.

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

He also said that if the market struggles to reach balance, “we would discuss the option of the deal extension” after it expires after March 31.

Novak also said that the current oil price of over $54 per barrel is “optimal” for both producers and consumers and allows to make investments in the oil industry.

Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by Dmitry Solovyov

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