HOUSTON (Sputnik) — The uncertainty remains on the global oil market despite the agreement between OPEC and non-OPEC leading producers to cut production output, Russian Energy Minister Alexander Novak said Monday.
"As a result of the agreement with OPEC, oil prices have stabilized for now, but we realize that substantial uncertainty still remains, and it's not diminishing even amid the stable prices," Novak said addressing the CERAWeek energy conference in Houston, Texas.
In November 2016, the OPEC states reached an agreement to cut oil production by 1.2 million barrels per day for the first half of 2017 to support the global oil prices. The accord was also supported by 11 non-OPEC states, including Russia and Mexico, which promised to reduce their oil output by 558,000 barrels per day.
The deal went into force on January 1 for a six-month period with a possibility to extend it.
