Russia Says Oil Output Could Return to October 2016 Level

On Saturday, Russia’s energy minister said that a return to the oil production levels that were in place in October 2016, the baseline for the current deal to cut output, is one of the options for easing curbs. Sources said this week that Saudi Arabia and Russia were discussing raising OPEC and non-OPEC oil production. The existing deal came into force on January 1, 2017, and contemplated for global oil producers to reduce their combined output by 1.8 million barrels per day.