Russia to hold additional talks before OPEC, non-OPEC meeting - sources
Russia plans to hold additional talks on Friday with some OPEC and non-OPEC nations to discuss unresolved issues related to a planned cut in oil output ahead of a wider meeting the following day in Vienna, two Russian sources told Reuters.
Russia has committed to reducing its output by 300,000 barrels per day (bpd) in the first half of 2017 in an effort to boost oil prices. Other non-OPEC countries are being urged to cut by a similar amount in total.
OPEC, which produces a third of global oil, pledged on Nov. 30 to reduce output by about 1.2 million bpd from January 2017.
Kazakhstan and Azerbaijan are the second- and third-biggest oil producers among ex-Soviet countries after Russia. Both have confirmed their participation in the talks on Saturday."Russia sees risks ahead of the deal if questions are not resolved," a Russian government source said.
Russia has committed to reducing its output by 300,000 barrels per day (bpd) in the first half of 2017 in an effort to boost oil prices. Other non-OPEC countries are being urged to cut by a similar amount in total.
OPEC, which produces a third of global oil, pledged on Nov. 30 to reduce output by about 1.2 million bpd from January 2017.
Kazakhstan and Azerbaijan are the second- and third-biggest oil producers among ex-Soviet countries after Russia. Both have confirmed their participation in the talks on Saturday."Russia sees risks ahead of the deal if questions are not resolved," a Russian government source said.
"One hundred percent compliance is critical for the deal ... It's essential for non-OPEC to have a responsible approach towards the deal."The source did not identify the non-OPEC countries to which he was referring. The Russian Energy Ministry declined to comment. Energy Minister Alexander Novak plans to attend the Dec. 10 talks.
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