Demand uncertainty weighs on decision over oil pact: Russia minister - Reuters:
Uncertainty over global oil demand in the second half of this year, including the effect of U.S. sanctions, will have a big impact on whether Russia backs extending a deal on oil output cuts, Russian Energy Minister Alexander Novak said on Monday.
The Organization of the Petroleum Exporting Countries and other leading oil producers have an agreement to cut their combined oil output but this expires at the end of this month. Talks on whether to extend the pact are scheduled for July 1-2 in Vienna.
Speaking to reporters on the sidelines of an energy forum in St Petersburg, Novak, when asked about an extension of the deal between OPEC and non-OPEC oil producers, said: “It’s too early to say.”
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