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Russia' Novak says who wants to extend OPEC-led deal

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Staff Writer | November 27, 2017
Almost all OPEC+ countries support an extension of oil cuts, Russia's Energy Minister Alexander Novak said.
Alexander Novak
Oil exploration   The oil market is not yet balanced
The minister said in a television interview posted on the energy ministry’s website that some 50% of the global oil oversupply had been erased and Brent prices had risen to an 'acceptable enough' level of more than $60 a barrel.

Nevertheless, Novak said that the oil market is not yet balanced and the pact needs to be extended, adding that Russia supports an extension, and various options are being discussed.

He noted that details will be discussed at the Vienna meeting next week.