January 19, 2018 / 10:55 AM / 9 months ago

Decision on oil pact could come in late spring, early summer: Russian Dep PM

MOSCOW (Reuters) - A decision on global oil output cuts could be made in late spring or early summer once it becomes clear how sustainable the current trend in the oil market is, RIA news agency quoted Russian Deputy Prime Minister Arkady Dvorkovich as saying.

FILE PHOTO: Russian Deputy Prime Minister Arkady Dvorkovich smiles during an interview at the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin

The Organization of the Petroleum Exporting Countries and other leading oil producers led by Russia have agreed to extend oil production curbs until the end of this year to lower inventories and support prices.

OPEC will examine the progress of the deal at its next regular meeting in June. Prices have risen by a third since early 2017 helped by the agreement to curb output.

“The decision about the OPEC+ deal will be made once the information about the trend sustainability is understood. It is premature to talk about it,” Dvorkovich said, adding that a decision would be taken in late spring or early summer on what to do next.

Energy Minister Alexander Novak has said the matter of how to make a smooth exit from the output deal could be discussed by ministers from OPEC and non-OPEC producers this weekend.

TASS news agency reported that Dvorkovich said on Friday that oil prices, which earlier this week reached $70.37 per barrel, their highest level since December 2014, could fall again.

Reporting by Jack Stubbs; writing by Vladimir Soldatkin; editing by Alexander Smith and Jason Neely

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