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Russia says no talks underway to change oil output deal

Russian Energy Minister Alexander Novak said on Monday there were no talks underway to change the global output deal under which OPEC and non-OPEC oil-producing countries have curbed output in order to support prices.

Moscow is fully committed to the deal, Novak told reporters while visiting Saudi Arabia for a Russian-Saudi investment event.

OPEC member countries and allies, a grouping known as OPEC+, are showing a high level of commitment to the current deal, Saudi Arabia’s energy minister said in the same event as he called for concentrating on stability of the oil market rather than prices.

“Fair price is stable price,” Saudi minister Prince Abdulaziz bin Salman said.

South Sudan, a member of OPEC+, will announce in the coming days its adherence to the production cuts, the minister said. Gabon has also said it will fully comply.

The deal between OPEC, Russia and other non-OPEC producers calls for reducing output by 1.2 million barrels per day until March 2020 amid forecasts of excess supply next year.
Source: Reuters (Reporting by Olesya Astakhova and Dahlia Nehme; writing by Tom Balmforth, Dahlia Nehme; editing by Louise Heavens and Jason Neely)

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