MOSCOW (Reuters) – Russian energy minister Alexander Novak said on Saturday the global oil market was still fragile and it was important for all OPEC and non-OPEC members to comply in full with an oil output pact.
“We already see the first green shoots in terms of restoration of business activity … The oil market is still fragile, it needs support. So it is important today, as never before, I believe, that all the deal’s participants maintain 100% compliance,” he said.
OPEC, Russia and other allied producers were set on Saturday to extend record oil production cuts until the end of July after crude prices doubled in the past two months on the back of their efforts to withdraw almost 10% of global supplies from the market.
(Reporting by Olesya Astakhova; Additional reporting by Andrey Ostroukh and Vladimir Soldatkin; Writing by Katya Golubkova; Editing by Kevin Liffey)