OPEC - RUSSIA CONSULTATIONS

PLATTS - The OPEC-led coalition plans to conduct consultations with various countries on potential gradual increase in oil production ceilings within the next weeks, with the changes likely to be implemented in the second half of the year, Saudi Arabia's energy minister Khalid Al-Falih said Friday.

OPEC has begun consultations with Russia and plans to contact other countries in coming weeks to discuss potential change in the production cut quotas as the group is close to reaching its goal of market rebalancing, Falih said.

His comments followed a meeting between Falih and Russia's energy minister Alexander Novak earlier in the day.

 "At end of the day as important as Russia and Saudi Arabia are in terms of the largest countries, we have to be sensitive to views of all countries and will be consulting with all of them," Falih told a key energy session at the St Petersburg International Economic Forum.

 He reiterated the group plans a gradual increase in production, but concrete figures are yet to be specified to ensure "the supply is adequate."

 "What I can tell you is that different numbers have been looked at," he said, adding that all the decisions are to be taken by the ministerial meeting of OPEC and non-OPEC countries in late June in Vienna.

 Novak, speaking at the same panel, said if the decision was taken that softening in the production quotas was needed, "it will be as of the third quarter." The production cut deal by 24 OPEC and non-OPEC countries to remove 1.8 million b/d of crude from the market to help balancing the markets has been in force since January 2017, with the possibility of revision next month.

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Earlier:

2018, May, 25, 10:50:00 RUSSIA - SAUDIS DISCUSSION FT - "We will discuss the current situation, the outlook and possible further actions to be taken within the framework of our deal. Speaking of relaxing the deal: it is possible but should be based on a thorough analysis of the situation," Mr Novak told the Financial Times. "Generally speaking, we are quite flexible." Русский | English

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