Vienna — Russian energy minister Alexander Novak on Saturday gave his stamp ofapproval to OPEC's decision to increase oil supply by reducing its level ofover-compliance with partners Moscow and other allies.
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Speaking to reporters on arrival in Vienna for talks with OPEC, Novaksaid the decision "corresponds to the proposals which were worked out" atThursday's meeting of the OPEC/non-OPEC monitoring committee, on which hesits.
"It corresponds to today's ideas of what needs to be done on the market,"Novak said. "I think at this stage 1 million barrels is reasonable."
Saudi energy minister Khalid al-Falih said Friday the deal would resultin a nominal output boost of "just under 1 million b/d" from the 24-countrycollective, while other ministers estimated that the real increase wouldamount to between 600,000 to 800,000 b/d.
OPEC aims to finalize the deal with its non-OPEC partners later Saturdayin Vienna at a meeting scheduled to start at noon local time.
--Edited by Andy Critchlow, email@example.com