Siluanov: Russia to carefully consider extending OPEC+ deal

Siluanov: Russia to carefully consider extending OPEC+ deal

Russia will carefully consider extending its oil output reduction agreement with the Organization of the Petroleum Exporting Countries (OPEC) and other producers, Russian First Deputy Prime Minister Anton Siluanov said.

Speaking on the sidelines of a conference in Kazakhstan, the minister said that Moscow will weigh, in particular, the deal’s positive effect on oil prices against losses in market share to United States companies. “There are many arguments both in favor of the extension and against it,” Siluanov said.

“Of course, we need price stability and predictability, this is good,. But we see that all these deals with OPEC result in our American partners boosting shale oil output and grabbing new markets," Reuters cited him as saying.

According to Siluanov, Russia’s energy ministry and government will determine their stance on the pact’s extension after weighing these pros and cons and the longevity of current market trends.

OPEC and the other producers involved in the supply agreement are scheduled to meet to discuss extending the pact in Vienna during an OPEC meeting scheduled for June 25 and 26. But according to two OPEC sources, the meeting may be pushed back to July 3 and 4.