Russia to continue monitoring oil cut deal

Russia will keep monitoring implementation of the OPEC/non-OPEC output cut deal, Reuters reported on Tuesday, citing Lukoil’s chief executive, Vagit Alekperov.

Energy Minister Alexander Novak will take a final decision independently, he said after a meeting held between oil company executives and the energy ministry officials about the production cut deal and other topics.

Last month, the head of Russia’s second-largest crude producer said a smooth exit from the OPEC+ oil production cut agreement can be started if the oil price is $70 per barrel.

Lukoil is not planning to change the investment program in connection with the extension of the OPEC + agreement, in 2018 it will be at the level of 2017, he added.

In late 2016, OPEC member-states and non-OPEC oil producers reached an agreement to trim oil production by 1.8 million barrels per day, which has stabilized oil prices above 50 US dollars per barrel.