UK Money News

Russia's Rosneft says to abide by possible oil cuts extension deal

Wed, 10th May 2017 15:04

MOSCOW, May 10 (Reuters) - Russia's largest oil producer Rosneft will fulfil obligation to further cut oil production if such an agreement would be achieved, Rosneft's chief financial officer Pavel Fedorov said during a conference call on Wednesday.

He also said it was premature to "speculate" on possible scale and time frame of the deal.

OPEC and industry sources told Reuters that the group and non-member oil producers were considering extending the global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak. (Reporting by Vladimir Soldatkin; editing by Polina Devitt)

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