Returning to 2016 oil output levels is an option, says Russia’s Novak

MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said oil exporting nations were discussing returning to production levels that were in place prior to the 2016 deal to cut output as one of the options for easing curbs, RIA news agency reported on Saturday.

OPEC and non-OPEC countries will work out the parameters for easing the cuts within a month after a thorough analysis of the market, Novak was quoted as saying.

He also said he expected Iran to reduce its output by no more than 10 percent as a result of U.S. sanctions, according to RIA.

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