Russia Undecided on Oil Cut Extension

Russian Energy Minister Alexander Novak said on Friday that it was premature to say if the global deal on reduced oil output should be extended into the second half of the year. He told a ministry gathering that he had discussed the possible extension of the deal, under which Russia has pledged to reduce its production by 300,000 barrels per day, with domestic oil producers and the government, Reuters reported. Novak has said it will be clearer by the end of April or the beginning of May if the deal can be extended. "For a decision on whether or not to extend the deal, oil producers would need to assess how the market will be in March, April and May." The cuts in OPEC and non-OPEC members deal were introduced with the aim of reducing a global slump in oil prices, which had been on the decline for nearly two years. OPEC however exempted key member Iran from cutting output and allowed the country to increase its crude production by 90,000 bpd to reach pre-sanction output levels of 4 million bpd.