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6/18, 1:15 PM (Source: TeleTrader)
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Novak: Too early for decision OPEC deal extension

Russia's Energy Minister Alexander Novak said on Tuesday that it is still too early to make a decision on whether the OPEC+ output cuts should be extended past June. Novak stressed that there are too many uncertainties on the oil market at the moment and major producers need to observe the situation more before they decide on further actions.

Over the weekend, Saudi Energy Minister Khalid al-Falih expressed hope that OPEC and non-OPEC producers led by Russia will reach an agreement to extend the production cuts until the end of the year when they meet in Vienna early next month. OPEC+ introduced oil production cuts of up to 1.2 million barrels per day in January in efforts to stabilize the market.

Oil prices dropped over 15% in the past month on fears of an economic slowdown amid the United States-China trade war. Other factors such as US sanctions against Iran and Venezuela and the attack on oil tankers in the Middle East have also affected crude prices recently.

Breaking the News / NP