HOUSTON (Reuters) - It is too soon for the world’s top oil exporters to discuss extending a historic deal to curb output beyond June, Russian Energy Minister Alexander Novak said on Monday.
Non-OPEC producers such as Russia and Kazakhstan joined OPEC-led production cuts that have lifted global oil prices LCOc1 more than 10 percent since they were approved in November. The agreement expires in June.
“It’s premature to talk about extending the agreement,” Novak told reporters at the CERAWeek industry gathering in the U.S. energy capital of Houston.
Russia agreed to cut output by 300,000 barrels per day under the deal, and would reach that target by the end of April, he said in remarks translated from Russian. So far, Russia had cut about half of that, he said.
Russia expects oil prices to stay at around $55 to $60 per barrel in 2017, he said.
Novak said there was lots of “untapped potential” for Russia and the U.S. to cooperate on energy matters.
Reporting by Liz Hampton; Writing by Simon Webb; Editing by Marguerita Choy