Russian Energy Minister Alexander Novak said he doesn’t rule out that the OPEC+ deal could be extended into 2019 in its current format.
"If need be, I don’t rule out such an option. There have been no signs that the deal would be terminated," Novak said on the sidelines of an OPEC+ ministerial meeting. "We are living amidst effective decisions that the deal is to stay in place till the end of the year."
Top OPEC member Saudi Arabia, in turn, said it will curb exports by 500,000 barrels a day.
A deal between the OPEC oil exporting nations, the biggest one being Saudi Arabia, and non-OPEC oil producers (known as OPEC+) was signed in December 2016. After a number of extensions, the deal is expiring at the end of 2018.
A new, open-ended, deal between the OPEC and non-OPEC nations is expected to be signed at a regular meeting in Vienna in early December. Various other parameters of the oil cut deal are now being discussed, TASS reported.
The next ministerial meeting will be held in Vienna on December 5-7.
