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Russia says more data needed to on more oil cuts

Oil&Gas Materials 27 March 2017 14:25 (UTC +04:00)
It is too early to talk about the expediency of extending the OPEC oil output cut deal.
Russia says more data needed to on more oil cuts

Baku, Azerbaijan, March 27

By Leman Zeynalova – Trend:

It is too early to talk about the expediency of extending the OPEC oil output cut deal, according to Russia’s Energy Minister Alexander Novak.

Additional time and first of all, additional analysis of the market situation is needed for making a decision on more cuts, Novak told RT following the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) meeting in Kuwait.

The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Kuwait City for its second meeting on 26 March. It announced that, based on the Report of the Joint OPEC/Non-OPEC Technical Committee (JTC) for the month of February 2017, OPEC and participating non-OPEC countries have continued their progress towards full conformity with their voluntary adjustments in production.

As of February 2017, the OPEC and participating non-OPEC countries achieved a conformity level of 94 percent, an increase of 8 percentage points over the January 2017 performance.

“It is only the end of March. The exchange of views held by ministers and the proposals which were put forward during the meeting mean that all the participating countries have an opportunity to consider this issue till the next ministerial meeting, give instructions to OPEC secretariat on providing additional market analysis for January-April, give forecasts on implementation in May, June and for the second half of 2017,” he said.

Novak pointed out that during the meeting, it was agreed to hold Russia-OPEC dialogue in Moscow May 31.

Regarding the oil price, Russian energy minister said that it depends on the market situation, as well as the demand and supply balance.

Novak said he doesn’t change the forecasts for average Brent oil price at $50-$60 per barrel for 2017.

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