抖阴短视频

MOSCOW: OPEC and Russia will exit from oil production cuts very smoothly, possibly extending the curbs in some form so as not to create any new surplus in the market, the Russian energy minister told Reuters.

Alexander Novak also said in comments cleared for publication on Friday that he saw no direct connection between the oil cuts and 抖阴短视频鈥檚 plan to list Aramco, the world鈥檚 top oil producer.
鈥淓veryone in the market is interested in achieving balance,鈥� Novak said in response to a question on whether 抖阴短视频 could abruptly exit the cuts as soon as it lists Aramco sometime in 2018. The share sale promises to be the world鈥檚 biggest.
OPEC and other large oil producers led by Russia agreed last month to extend until the end of next year their deal to cut a combined 1.8 million barrels per day of output.
The move is aimed at clearing a global stocks overhang and propping up oil prices.
Russia and 抖阴短视频 have significantly improved bilateral ties this year, resulting in a visit to Moscow by Saudi King Salman accompanied by a large political and business 颅delegation.
Oil is a key source of budget revenue for both countries.
On Thursday, King Salman and Russian President Vladimir Putin held a telephone conversation during which they agreed to continue close cooperation to ensure stability on global hydrocarbon markets.
OPEC and Russia together produce more than 40 percent of the world鈥檚 oil. Moscow鈥檚 cooperation on output cuts with OPEC, arranged with Putin鈥檚 help, has been crucial in roughly halving an excess of global oil stocks since January.
With oil prices rising above $60, Russia has expressed concern that an extension for the whole of 2018 could prompt a spike in crude production in the US, which is not participating in the deal.
Russia has been pushing to ensure that ending the cuts will not cause a supply deficit or a sharp rise in prices that spurs US shale producers to increase output.
Novak said it would take time for the deal to be brought to an end. 鈥淒etailed parameters will be discussed by the time we approach balance. There could be different time frames, depending on forecasts of supply and increasing demand in global markets,鈥� he said.
鈥淲e have a common understanding on this issue but I don鈥檛 want to discuss hypothetical scenarios now,鈥� Novak said.
鈥淭here is a consensus among the (oil) ministers that we should avoid oversupply on the market when exiting the deal.鈥�
Novak said there was an option to extend the deal beyond 2018, while he sees markets balancing in the third or fourth quarters of next year.
鈥淥ur task, above all, is (to achieve a) sustainable demand and supply balance. We aim to reach this result, this could be achieved, if things are going well ... during 2018,鈥� Novak said.
Saudi Energy Minister Khalid Al-Falih said on Wednesday it was premature to discuss any changes to the OPEC-led supply pact as market rebalancing was unlikely until the second half of 2018.
鈥� REUTERS