Russia says committed to pact on oil cuts to end of 2018

JEDDAH: Russian Energy Minister Alexander Novak told his OPEC and non-OPEC counterparts in a closed-door meeting on Friday that Moscow was committed to a deal on cutting oil supplies until the end of 2018, sources familiar with the meeting told Reuters.

The sources were speaking after TASS news agency cited Novak as saying that OPEC and non-OPEC countries might ease oil production cuts as early as this year.

Novak is in the Saudi Arabian city of Jeddah for the meeting of the JMMC, which monitors compliance with existing cuts.