Russian oil producers propose keeping output quotas until end-March


Russia’s oil majors proposed keeping their production quotas as part of the output deal between OPEC and non-OPEC nations until the end of March when they met Energy Minister Alexander Novak on Thursday, a senior Lukoil official said.

The oil producers suggested to Novak that they meet again at the end of March to discuss the oil deal, the official, Ravil Maganov, told reporters after the meeting.

Russia, other non-OPEC oil producers and OPEC nations are due to discuss their global output deal in Vienna on Dec 5-6. OPEC and non-OPEC oil producers have curbed oil output to balance the market and support prices for the last three years.

Russia’s position on the deal, which expires at the end of March, is “currently a secret”, Novak said.

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