Russia wants to keep oil production stable
- The country will decide on oil production level based on OPEC and non-OPEC reports for April and May

Russia wants to keep its current oil production volume stable or increase production without creating a downside pressure on prices, Russian Deputy Prime Minister Arkady Dvorkovich said on Tuesday.

Speaking to the Russian news agency, Interfax, Dvorkovich noted that they will take the decision regarding the production level based on the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC production reports for April and May.

He also noted that the supply and demand balance in the oil market has been achieved since the agreement to cut oil production was reached at the end of last year.

Dvorkovich added that if the extension to this agreement will lead to a better-balanced market, then Russia will reconsider its evaluations on its oil production levels.

OPEC and non-OPEC countries, including Russia, agreed in November to cut oil production by 1.2 million barrels per day (mbpd) in the first six months of the year. The accord entered into force in January, and oil prices began to increase gradually.

The OPEC decision to cut oil production covers the first six months of 2017 while no agreement has been reached yet for an extension of this period.

Reporting by Emre Gurkan Abay in Moscow

Writing by Ebru Sengul

Anadolu Agency

26 Apr,2017