Russia’s oil output seen higher if deal not extended – Russia’s Novak

Russian Oil Minister Alexander Novak said on Thursday that the country’s oil production could rise more than 11 mbpd in case the current output cut deal is not extended.

Novak also added that it is still premature to say whether a continuation of the deal will happen.

He expects US oil output to increase by 400K/500K bpd during this year, while the barrel of Brent crude should gravitate between $55/$60 in 2017.