7 December 2016, 09:48 GMT
SOCHI (Sputnik) — The Organization of Petroleum Exporting Countries (OPEC) sealed a deal on November 30, 2016, agreeing to cut its oil output by 1.2 million barrels per day for the first six months of 2017 in an effort to stabilize the oil market and bring oil prices to the healthy range of $50-60 per barrel.
The deal went into effect in January. Eleven non-OPEC countries, including Russia, Mexico and Kazakhstan, later joined the deal, pledging to reduce production by 558,000 barrels per day on a voluntary basis.
"In my opinion, it is too early to talk about it now. We have such opportunity and we should make the decision in April or May," Novak told reporters, commenting on the possibity of the deal's extension.
