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FX.co ★ Russia likely to back OPEC deal extension

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Forex Humor:::2017-09-07T11:28:53

Russia likely to back OPEC deal extension

Russia’s deputy Prime Minister Arkady Dvorkovich said that Russia is likely to back a further extension of the OPEC agreement cutting oil output as it helped to stabilize the market.


At the same time, Dvorkovich noted that it is still too early to make a definitive decision. “We are still six months away, so we will see. Based on preliminary assessment, it is clear the deal was efficient and contributed to the stabilization of the market,” he said.


Earlier, the Wall Street Journal reported that Russia’s major oil producers and Saudi Arabia were calling on other participating countries to support the deal extension until June 2018.


At the end of 2016, OPEC countries agreed to cut 1.2 million barrels of its daily oil output, reducing its target production to 32.5 million per day. Non-OPEC nations agreed to cut supplies by 558 thousand barrels. In May 2017, the deal was extended for another 9 months until the end of March 2018.

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