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2017.04.2603:51:00UTC+00Russia to Study Oil Market Data before Backing Output Pact Extension

Before deciding whether to support extending an agreement aimed at slashing oil production, Russia wants to review additional analysis of the global oil market and will wait for OPEC's gathering in May.

Russia's energy chief Alexander Novak said Tuesday more market reports was underway, pertaining to adherence with the accord and the balance of supply and demand for the remainder of the year.

He added they have tackled these matters and they believe they will be prepared to present their proposals next month.

OPEC and non-OPEC producers will convene on May 25. Russia previously said it would hold dialogues with the oil cartel a day before the meeting.

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