Russian Energy Minister: Deeper Cuts Still On The Table

OilPrice.com ------- Deeper cuts to OPEC’s oil production are not out of the question, but their implementation will depend on how things unfold with the current OPEC agreement, Russia’s Energy Minister Alexander Novak said in an interview with CNBC. “You know, we have the capability to react to any situation that might arise on the market. And to this end we have a technical committee working on this every month,” the minister said, adding that it was his opinion that in the next couple of months, stockpiles globally will continue to decline. In two months, the committee that was set up to monitor compliance and inventory developments during the agreement will meet in Moscow to discuss how the extension is going. Oil prices tumbled 5 percent after OPEC made its announcement yesterday, signaling the market expected more than just an extension of the current rate of cuts: it expected OPEC, combined with its non-OPEC collaborators, to deepen these to more than 1.8 million bpd. To learn more click on the picture below to read the article.