Russia is ready to keep its oil production stable, but may increase output if it feels that prices are unlikely to fall as a result. A fragile balance has been reached in the global oil market, which should not be disturbed by any "sharp moves", according to the agency. A decision on whether to extend a deal to curb oil output into the second half of the year would depend on how well the Organization of the Petroleum Exporting Countries and other producers stick to their production cut pledges. OPEC, along with Russia and other non-OPEC producers, pledged to cut output by 1.8 million barrels per day (bpd) in the first half of 2017. The option of extending the cuts was set out in last year's deal.

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