Russia says global deal on oil output cap is close

MOSCOW -- Russia says it is close to an international deal with OPEC countries to cap oil production, and that a final decision will be made at a meeting this month.

See Full Article

Saudi Arabia, Russia, Venezuela and Qatar floated an output cap last month with the aim of boosting oil prices, but it was conditional on other producers joining in. Iran has so far resisted, while Russia has agreed.

Addressing top state and private sector oil executives, Russian President Vladimir Putin said Energy Minister Alexander Novak "is agreeing and practically has agreed with his partners in the global market" to cap oil output, in comments published on the Kremlin website.

"It's about us not ramping up oil production this year," he said.

Putin told the oil executives that "as the minister has reported, you are all in agreement with this proposal."

The deal would cap Russian production at the level of January 2016, Putin said.

Novak was quoted by the Tass news agency as saying that the deal mentioned by Putin was agreed to by countries which together accounted for 73 per cent of global production. It was not immediately clear which countries he meant.

He said a meeting of OPEC and non-OPEC producers like Russia this month will produce "a final decision."

The Russian economy is in recession after being hit hard by the low price of oil, which has also hammered government revenue.



Advertisements

Latest Economic News

  • Coffee and a slice? 7-Eleven launches breakfast pizza

    Economic CTV News
    IRVING, Texas -- 7-Eleven is offering a breakfast pizza. The convenience store chain says that it combines the convenience of eating leftover pizza for the first meal of the day with traditional breakfast foods. Source
  • O'Leary makes it official: He's running to be federal Conservative leader

    Economic CBC News
    It's finally official: Kevin O'Leary will run to become leader of the Conservative Party of Canada. After months of flirting with the idea, he picked the morning after the French leadership debate and used a video on his Facebook page to declare his candidacy. Source
  • Cameco shares fall after uranium giant warns that analyst estimates are too high

    Economic CTV News
    TORONTO -- Shares of Cameco Corp. (TSX:CCO) have fallen 8.8 per cent in overnight trading after the Saskatoon-based uranium producer warned Tuesday that analyst estimates are too high and it expects to report a loss for 2016. Source
  • China preparing to retaliate against Trump on trade: business group

    Economic CTV News
    BEIJING -- China is preparing to retaliate if U.S. President-elect Donald Trump raises duties on Chinese goods and already has toughened its stance, an American business group said Wednesday. Trump, who is due to be inaugurated Friday, threatened during his campaign to raise import duties on Chinese goods to 45 per cent. Source
  • Volkswagen will appeal court order to buy back customer's diesel car

    Economic CTV News
    BERLIN -- Volkswagen says it will appeal against a court's decision that it should buy back a German customer's diesel car. Nicolai Laude, a VW spokesman, said Wednesday that the company expects the Hildesheim verdict to be overturned. Source
  • BoC's interest rate announcement, forecast come amid uncertainty

    Economic CTV News
    OTTAWA -- The Bank of Canada will make a scheduled interest rate announcement and release its economic forecast amid widespread uncertainty as Donald Trump prepares to be sworn in as U.S. president later this week. Source
  • Ontario proposes to boost water bottler fee by $500 per million litres taken

    Economic CTV News
    TORONTO -- The Canadian Press has learned that Ontario is proposing to charge water-bottling companies a little over $500 per million litres, up from the current fee of just a few dollars. Public outcry erupted last year over the small fee of $3.71 that the province currently charges for every million litres on all water-taking permits. Source
  • Asian growth outlook bright despite uncertainty: UN report

    Economic CTV News
    The world economy grew 2.2 per cent in 2016, the slowest pace since the end of the 2008 financial crisis. Britain's plan to leave the European Union and the election of Donald Trump as U.S. Source
  • Asian stocks mixed after investor momentum sapped

    Economic CTV News
    HONG KONG - Most Asian stock indexes lacked direction Wednesday following a sharp correction overnight in the dollar that sapped investor momentum. KEEPING SCORE: Japan's benchmark Nikkei 225 index shed 0.2 per cent to 18,776.45 and South Korea's Kospi was nearly flat at 2,071.40. Source
  • World stocks mixed as dollar regains footing after slide

    Economic CTV News
    HONG KONG -- World stocks were mixed Wednesday following a sharp correction in the dollar that sapped investor enthusiasm. KEEPING SCORE: European shares were uneven in early trading. Germany's DAX rose 0.1 per cent to 11,554.09 and Britain's FTSE 100 climbed 0.2 per cent to 7.232.39. Source