Russia’s Novak: Will discuss oil output boost proposal in June

Russia’s Energy Minister Alexander Novak is on the wires now, via Interfax, making some comments after Reuters quoted sources saying that the OPEC and non-OPEC are discussing increasing oil output by around 1 mbpd.

Key Points:

Russia will fully implement OPEC and non-OPEC oil pact in May.

We will discuss all the proposals in June when asked about possible oil production increase by 1 mln bpd.