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Oil producers to push reset button? Russia hints at effort to rein in crude

Russian President Vladimir Putin said on Thursday that the price of $60 "suits Russia"

Reuters  |  Moscow 

A return to the oil production levels that were in place in October 2016, the baseline for the current deal to cut output, is one of the options for easing curbs, Russia's energy minister said on Saturday. Sources said this week that Saudi Arabia and Russia were discussing raising OPEC and non-OPEC oil production to ease 17 months of strict supply curbs amid concerns that a price rally has gone too far. "When we extended the agreement until the end of 2018, we spoke about such possibilities (of returning to the October 2016 level)," Novak told ...

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First Published: Sun, May 27 2018. 09:00 IST