The baseline proposal on extension of the oil production cut deal implies nine months

The reduction of Russia’s oil production has reached 310,000 barrels per day in May, Energy Minister Alexander Novak said Wednesday.

“As of now (the reduction of Russia’s oil production has reached – TASS) an average of around 310,000 barrels per day since the beginning of the month. In end-April, it was 300,000 (barrels per day), while in May it is slightly higher, 310,000 (barrels per day),” he said.

The baseline proposal on extension of the oil production cut deal implies nine months, he went on.

“We’re going to discuss several options today,” he said, adding that “the baseline proposal implies (the extension of the deal for – TASS) nine months.”

The oil-producing nations will be considering deeper output cuts, including by 12 months, according to Kuwaiti oil minister Essam Al-Marzouq.

“All options are still open,” he said Wednesday when asked whether the participants of the meeting will discuss a one-year extension.

Earlier in the day Russia’s Energy Minister Alexander Novak said that the baseline proposal on the deal’s extension implies nine months, adding that a number of options are under consideration as well.

More:http://tass.com/economy/947331