Russia’s Novak: Russia oil output to increase in 2018 if OPEC deal not extended

Sputnik reports comments from the Russian Energy Minister Novak delivered late-Wednesday, threatening that Russia will increase oil production in 2018 if the OPEC-non-OPEC deal that expires in March 2018, isn't prolonged.

Key Quotes:

"According to the forecast, we will have a small increase in 2018 as compared to 2017, but this will depend on the decisions taken regarding the extension or non-extension of the OPEC and non-OPEC countries’ agreement … [A total of] 531 [a million barrels of oil a year will be produced in Russia] if the agreement is not extended, so approximately 3.5-4 million tons will be produced next year as compared to this year."