OPEC-Russia oil output deal adjustment possible in Q2 2018

MOSCOW: Gazprom Neft Chief Executive Alexander Dyukov said on Friday that an adjustment of the global oil production cut deal between OPEC and some non-OPEC members, including Russia, was possible in the second quarter of 2018.

Dyukov also said that the global oil market was close to the balancing point and hoped that the countries would rather agree to increase production, not to cut more. Russia has cut its oil production by over 300,000 barrels per day under the deal.