12/7/2018, 11:59 AM (Source:
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Novak: Russia hopes to reach oil output cut deal

Russia's Energy Minister Alexander Novak said on Friday that Moscow wants to work towards reaching an agreement on oil production cuts with the Organization of Petroleum Exporting Countries (OPEC).

Meanwhile, Russia's presidential spokesman Dmitry Peskov noted that Novak discussed Russia's position on output cuts with President Vladimir Putin and will present Moscow's stance on the issue at the OPEC+ meeting in Vienna. Earlier, Saudi Energy Minister Khalid al-Falih expressed concerns that Russia will not accept to join the proposed production cuts

Earlier, media reported that OPEC members reached an agreement to cut production by 1 million barrels per day, but are waiting until other major producers join the deal to make an announcement. OPEC will reportedly allow Libya, Iran and Nigeria to be exempt from the cuts and is expected to suggest non-OPEC exporters to reduce output by 0.5 million barrels.

Breaking the News / NP