Moscow, Riyadh to Propose Oil Output Cut Deal Extension for Another Nine Months

Moscow and Riyadh are set to propose the prolongation of the Vienna agreement on oil output cuts for another nine months, the joint statement of the Russian and Saudi energy ministers said Monday.


According to the statement, Russian and Saudi Arabia will propose to extend the Vienna agreement on oil output cuts for nine months at the upcoming ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC), scheduled for May 24-25.

"The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market… the joint actions of the participating producers should be extended by 9 months, through March 31, 2018," the statement said.

The statement reads that "the two ministers undertook to consult with their colleagues within the group and with other producers between now and May 24, with the goal of reaching full consensus on the 9-month extension of the Declaration of Cooperation."

The two ministers said that the proposal stipulates the extension of the Vienna agreement on the existing conditions.

"On the existing conditions," Falih said at a joint press conference with Novak in Beijing answering the relevant question.
(Sputnik)
15/5/17