Some sources familiar with the plans informed Reuters that on Tuesday, Russian Energy Minister Alexander Novak met with major domestic oil firms to discuss the oil output cuts and the possible extension of the current cut level after June.
A source familiar with the details of the meetings said that there was no decision being taken at the meeting. The minister was just asking for opinions on whether the deal should be extended. The opinions were divided almost equally.
However, the meeting concluded that the industry will analyze the market and wait for demand to improve.
Three oil industry sources, as quoted by Kommersant daily, said that the country might keep the level cuts at the present until September.
Analysts view the meeting as a further indication that Russia is committed to any future joint measures to help to stabilize the oil market for as long as needed.
On Tuesday, the Kremlin also said that OPEC+ will assess the global oil market before taking any measures regarding the need for additional steps to balance the energy market. The Kremlin also said that the global oil supply cuts agreed last month was already proven effective and mitigate the negative scenarios on the oil markets.
Previously, sources informed earlier in May that OPEC+ wanted to keep the present oil cuts after June when the group is next due to meet and after which the output reductions are currently set to be eased to 8 million bpd until December.
