OPEC Delegates Encouraged By Russian Comments On Adjusting Oil Cut Deal - Get Share Market Tips Click Here RipplesAdvisory

OPEC delegates said on Friday they were encouraged by Russia's openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut. OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices have fallen since May, partly because of higher production from Nigeria and Libya, two OPEC members exempt from cutting output.

Key energy ministers, including those for Saudi Arabia and Russia, have previously said there was no immediate need for extra measures to support oil prices. But on Friday, Russia's Energy Ministry said Moscow was ready to consider proposals, including revising the deal if need be.

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