Russia’s Novak: OPEC and non-OPEC nations may revise oil output quotas in June

Russia’s Energy Minister Alexander Novak was on the wires, via Reuters, last minutes, commenting on the OPEC output cuts deal extension.

Key Headlines:

OPEC and non-OPEC nations may revise oil output quotas in June.

Doesn’t rule out that OPEC and non-OPEC nations may revise oil output quotas at June meeting.

Wider co-operation agreement with OPEC could be indefinite.

OPEC and non-OPEC may hold meetings every 6 months to decide on actions on global oil markets after current deal expires.

There are no proposals for 6 months global oil deal extension to H1 2019.

Oil deal participants should not only consider global oil inventories as benchmark for decisions, but also look at demand.

Expects US and Saudi top energy officials to attend economic forum in St Petersburg in May.