Russia Leaning Toward Extending Oil Deal

Russia is leaning toward a six-month extension to an agreement among major producers to cut oil production, Energy Minister Alexander Novak said Thursday. "We are now holding final negotiations on this subject with our partners and are leaning toward an extension," Novak told reporters, Sputnik reported. Russia is part of the so-called Vienna Agreement, establishing a 1.2 million-barrel-per-day output cut from January until June, with a pledge to reduce oil production by 300,000 bpd per day. The Organization of Petroleum Exporting Countries meets this month to discuss oil supply policy. An OPEC and non-OPEC technical committee has recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said, in an effort to clear a glut of crude that has weighed on prices.