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Oil output could return to 2016 levels, Russian official says

Russia's energy minister said May 26 that oil production could return to levels that were in place in October 2016 in an effort to curb soaring prices, Reuters reported.

Alexander Novak told reporters a decision will be made when OPEC and non-OPEC countries meet June 22-23 in Vienna.

Saudi Arabia and Russia have discussed raising oil production by some 1 million barrels a day to ease supply curbs amid concerns that a price rally has gone too far, according to Reuters. Cuts that took effect Jan. 1, 2017, envisaged global oil producers reducing their combined output by 1.8 million barrels per day to cut bloated stockpiles and prop up oil prices.

Since then, oil prices have risen to $80 per barrel, levels unseen since late 2014.

Russia's oil output in October 2016 was at a 30-year high of 11.2 million barrels per day, Reuters said.

Novak also said he expected Iran to reduce its output by no more than 10% as a result of the U.S. decision to withdraw from a nuclear deal, according to the report.