Russia’s Novak: Oil markets to rebalance in Q3 2017

According to Russian Energy Minister Alexander Novak, as cited by Oilprice.com, the extended OPEC output cut deal implies the same output caps that were agreed on last year for all non-OPEC states.

Key Quotes:

Extending the agreement was a “very important long-term fundamental decision”

We could have seen a much worse market reaction if no decision to extend the declaration of cooperation was taken,” but “if any actions or adjustments are needed.” 

“These adjustment actions can both be aimed at increasing the number of cuts or reducing the number of cuts — all would depend on the market situation, what is needed for the market.”