Russia believes joint efforts of OPEC and non-OPEC counties aimed at rebalancing the global oil market have been very effective, the Russian Energy Minister Alexander Novak said.
Novak backed extending oil output curbs by leading producers, saying it would help speed up a return to a healthier market.
The minister noted that the OPEC and other producers including Russia pledged to cut output by 1.8 million barrels per day during the first half of this year to prop up the oil market.
"Russia expresses its full solidarity with the efforts of our partners aimed at rebalancing the global oil market and believes that joint efforts to date have been very effective. We are discussing a number of scenarios and believe extension for a longer period will help speed up market rebalancing," Reuters cited him as saying,
Novak said he thought rising oil demand would make the output cuts more effective in coming months and that he saw compliance with the OPEC/non-OPEC output pact at 100%.
