Russian oil companies discussing idea of prolonging May quotas under OPEC+ deal by another 2 months - source
MOSCOW. May 26 (Interfax) - Russian oil companies are discussing the proposal from OPEC+ partners on prolonging by two months the May-June oil output reduction quotas under the OPEC+ deal, a source familiar with the discussion told Interfax on Tuesday evening.
Heads of oil companies met with Russian Energy Minister Alexander Novak on Tuesday to discuss the OPEC+ deal's possible future after June.
The issue of possible prolongation of the May quotas until the end of August was on the agenda, but Russian companies have yet reached no consensus in this regard. Some companies would agree to that, while others believe that everything should be left as it is now, i.e. companies should begin slightly stepping up oil production in July, the source said.
The decision on Russia's stance on the future of the OPEC+ deal is to be made at the top level, where it can change its form and content.
The Russian Energy Ministry declined to comment.
Sources in two oil companies told Interfax that the idea of extending the quotas was not bad amid insufficient global oil demand.