In an interview with RT on Thursday, the Russian Energy Minister Alexander Novak backed the decision made by the OPEC and non-OPEC producers to extend their oil production cuts until the end of 2018.
The decision comes as a “result of respective joint actions for balancing the market and removing the oil surplus accumulated over the years when crude prices were high.”
Russia backs the decisions and has built a very constructive business relationship with OPEC, “and I would even say based on trust.”
Novak said compliance was over 100%, “That’s why today we see that our [OPEC and non-OPEC] cooperation helps not only working to balance the oil market but also to develop bilateral relations.”
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