Russia to take decision on extending oil output cut in May

Baku. 25 April. REPORT.AZ/ Russia will wait until the next OPEC meeting with a decision to extend production cuts.

Report informs citing the Investing.ru, Russian Energy Minister Alexander Novak said during his visit to capital of Qatar, Doha.

According to him, it is necessary to see more data of technical analysis on the global oil market and the level of reserves.

Previously, Alexander Novak reported that the Russian Federation by April 21 has already reduced oil production by 250,000 barrels per day in relation to the production level in October. He also added that by the end of April Russia should reach the target of 300,000 barrels.

Analytical Group of Report forecasts the fall in oil prices below $ 40 per barrel in case the agreement is not renewed. With another outcome, oil will rise to $ 60-65 per barrel, but soon it will fall back to the level of $ 50-55 per barrel and stabilize in this range.