Russia says no talks under way to change oil output deal

OPEC+ showing high level of commitment to current deal: Saudi Arabia's energy minister

RIYADH: Russian Energy Minister Alexander Novak said on Monday there were no talks under way to change the global output deal under which OPEC and non-OPEC oil-producing countries have curbed output in order to support prices.

Moscow is fully committed to the deal, Novak told reporters while visiting Saudi Arabia for a Russian-Saudi investment event.

OPEC member countries and allies, a grouping known as OPEC+, are showing a high level of commitment to the current deal, Saudi Arabia's energy minister said at the same event as he called for concentrating on stability of the oil market rather than prices.

"Fair price is stable price," Saudi minister Prince Abdulaziz bin Salman said.

South Sudan, a member of OPEC+, will announce in the coming days its adherence to the production cuts, the minister said.

Gabon has also said it will fully comply. The deal between OPEC, Russia and other non-OPEC producers calls for reducing output by 1.2 million barrels per day until March 2020 amid forecasts of excess supply next year.

OPEC countries are set to meet on December 5-6 to set policy.

"The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020," OPEC Secretary-General Mohammad Barkindo told reporters last week.

He further said a deeper cut in oil supplies was among options for OPEC and its allies to consider in December.

The producer group's forecasts pointed to slower global growth and lower demand next year.

"All options are open," he said, when asked about the prospect of a deeper oil supply cut.