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| 24 May, 2018

Russia's Novak says oil production curbs could be eased 'softly'- Ifax

Novak said OPEC and non-OPEC countries currently plan to keep their deal to cut global oil output in place, the news agency reported.

Russian Energy Minister Alexander Novak attends a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017.

Russian Energy Minister Alexander Novak attends a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017.

REUTERS/Anton Vaganov

MOSCOW- Russian Energy Minister Alexander Novak said on Thursday restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported.

Novak said OPEC and non-OPEC countries currently plan to keep their deal to cut global oil output in place, the news agency reported.

Novak said geopolitical risks, and primarily the possible U.S. withdrawal from the 2015 Iran deal, are adding $5-$7 per barrel to the oil price, Interfax reported.

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(Reporting by Maxim Rodionov Writing by Tom Balmforth Editing by Vladimir Soldatkin) ((tom.balmforth@thomsonreuters.com;))