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Russia's Novak to discuss possible oil cuts extension with oil majors on Tuesday, sources say

Published 26/05/2020, 10:14
© Reuters. Russian Energy Minister Alexander Novak attends the Energy Week International Forum in Moscow

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak is due to discuss the implementation of global oil production curbs with oil majors later on Tuesday, four sources familiar with the plans told Reuters.

Three of them added that Novak also planned to discuss the possible extension of existing cuts beyond June. The Energy Ministry did not immediately respond to a request for comment.

The Organization of the Petroleum Exporting Countries and other leading oil producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million barrels per day in May and June to help stabilise battered energy markets.

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