Russia Is Considering Extending Agreements With OPEC And Other Producers To Cut Output

Anton Siluanov, Russia's first deputy prime minister, told Reuters on Wednesday that Russia would consider extending an agreement with OPEC and other producers to cut output.


In particular, he said, Moscow will consider the boost to oil prices and the loss of market share to the U.S.


"There are a lot of arguments for extending production cuts and arguments against," siluanov said on the sidelines of a meeting in kazakhstan.


"Of course we need stable and predictable oil prices, which is a good thing," he said. "But we believe that these agreements with OPEC are leading to increased U.S. shale production and new markets. "


Mr. Siluanov said the energy ministry and the government would decide on their position on the agreement after considering the pros and cons of the extension and how long current market trends would last.


OPEC, Russia and other producers agreed to cut production by 1.2 million barrels a day for six months starting in January to reduce global crude stocks and boost prices.


OPEC and other producers are scheduled to meet in Vienna on June 25-26, the date of OPEC's scheduled meeting, to discuss extending production cuts.


On May 20, however, two OPEC sources said the meeting could be postponed to July 3-4.


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