BEIJING (Sputnik) — Russian Energy Minister Alexander Novak announced plans on Monday to discuss with his Saudi counterpart Khalid Falih a wide range of issues, including the extension of the Vienna agreement on oil production cuts.
"We discuss everything," Novak told reporters answering the question, whether the extension of the Vienna oil output cut deal will be discussed at the meeting with Falih.
In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices. The deal prescribes the possibility of extension.
The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.
