Russia’s OilMin Novak: Talk of extension to OPEC deal after 2018 is premature

Russia’s Energy Minister Alexandra Novak is out on the wires now, via Reuters, commenting on the OPEC oil output cuts deal.

Key Headlines:

Talk of extension to OPEC deal after 2018 is premature.

Aims to fully comply with OPEC deal.

To discuss Saudi proposal for long-term pact at the end of the month.

Joining OPEC is not on agenda.

Held preliminary discussions with Saudi Arabia’s Energy Minister Khalid al-Falih.

Output caps are "no cure-all" for the oil market, suggesting that a wider range of methods is necessary in the long-term.