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UPDATE 1-Russian minister, oil majors to discuss output cut extension -sources

Tue 26th May, 2020 11:10am
* OPEC+ agreed to cut almost 10 mln bpd in May-June
    * Cuts to be eased to 8 mln bpd in July-Dec under current
    * Russia sees balance on oil market in June-July

 (Adds detail, quote, background)
    By Olesya Astakhova and Vladimir Soldatkin
    MOSCOW, May 26 (Reuters) - Russian Energy Minister Alexander
Novak is due meet oil majors to discuss the implementation of
global oil production curbs and the possible extension of the
current level of cuts beyond June, sources familiar with the
plans told Reuters.
    The meeting on Tuesday is a further sign that Moscow is
committed to supporting any future joint steps to stabilise oil
markets for as long as may be required, after slashing its
production to close to its quota under the global deal.
    The Organization of the Petroleum Exporting Countries and
other leading oil producers including Russia, a group known as
OPEC+, agreed last month to cut their combined output by almost
10 million barrels per day in May-June to shore up prices and
demand, which has been hit by the coronavirus pandemic.
    Sources said earlier this month that OPEC+ wanted to
maintain existing oil cuts beyond June, when the group is next
due to meet and after which the output reductions are currently
set to be eased to 8 million bpd until December.   urn:newsml:reuters.com:*:nL8N2CU61B
    Novak will chair an online meeting at noon (0900 GMT), one
of the sources said. The Energy Ministry did not immediately
respond to a request for comment.
    "A possibility of the extension of the existing quotas after
June is expected to be debated. The period of the extension will
be discussed as well," another source, familiar with the meeting
details, said.   
    Novak said on Monday that he expected global oil demand and
supply to balance in the next two months.  urn:newsml:reuters.com:*:nL8N2D72ON
    Brent crude prices  LCOc1 , which are currently around $36 a
barrel, had fallen as much 65.6% in the first quarter as global
oil demand plummeted by about 30% as the crisis curtailed travel
and economic activity. 

 (Reporting by Olesya Astakhova and Vladimir Soldatkin in
MOSCOW; Dmitry Zhdannikov in LONDON; Editing by Mark
Potter/Katya Golubkova/ Kirsten Donovan)
 ((vladimir.soldatkin@reuters.com; +7 495 775 12 42;))
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