MOSCOW (Sputnik) — Novak said OPEC and non-OPEC oil exporting partners had instruments in place to tackle a collapse in oil prices, in an interview with CNBC on Thursday.
"We have the capability to react to any situation that might arise on the market. And to this end we have a technical committee working on this every month," Novak told CNBC after a meeting in Vienna.
He was asked whether there was a possibility of deeper production cuts after the OPEC cartel and 11 non-member-state producers agreed earlier in the day to extend their November deal on output reductions by nine months past this June.
The OPEC and major oil exporters outside the bloc agreed to remove a total of 1.8 million barrels a day from the market to lift prices that slumped in the wake of the summer 2014 overproduction. A committee will meet in Moscow in July to assess progress.
