December 23, 2017 / 11:34 AM / 7 months ago

Oil producers to discuss exit plans from cuts once market near balance: Russia

MOSCOW (Reuters) - Oil producers will discuss exit strategy for their deal on cutting output once the market moves closer towards being balanced, Russian Energy Minister Alexander Novak said in remarks published on Saturday.

A general view shows the Taneco refinery complex, which is part of Russia's oil producer Tatneft group of companies, in Nizhnekamsk, in the Republic of Tatarstan, Russia, July 26, 2017. Picture taken July 26, 2017. REUTERS/Sergei Karpukhin

“We will talk about it as we get closer to the market rebalancing,” Novak was quoted as saying by Russia’s Interfax news agency. RIA news agency carried similar comments.

Novak had said in an interview with Reuters this week that detailed talks on an exit strategy would only start when the markets approached balance.

Reporting by Andrey Ostroukh; Editing by Edmund Blair

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