Russian energy minister says oil market situation improving, surplus shrinking

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Russian Energy Minister Alexander Novak said the oil market was improving with production cuts by OPEC and non-OPEC members, including Russia, trimming surplus supply that had squeezed prices for years, but declined to say whether the output reductions would be extended.

Novak, speaking to reporters on a visit to Tokyo on Friday, said prospects for an extension of the deal, set to expire at the end of June, into the second half of the year would be discussed next month.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries meet on May 25 to discuss extending curbs agreed last year that cut crude oil output by 1.8 million barrels daily, two-thirds of that from OPEC…

 

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