Novak: Riussia supports oil output cut deal extension

Russia considers that prolongation of agreement between OPEC and non-OPEC countries on extraction reduction will speed up oil market recovery, the Russian Energy Minister Alexander Novak said.

"We are discussing a number of scenarios and believe extension for a longer period will help speed up market rebalancing,” Bloomberg cited him as saying.

He said that Russia would consider prolonging its output reductions for longer than the six-month extension widely expected to be agreed at the OPEC meeting on May 25.