Russia says it would need 2-5 months to exit oil output deal

Russian energy minister Alexander Novak said on Monday it would take two to five months to exit the oil output cut agreement if such a decision was taken, the Interfax news agency quoted him as saying.

The deal has achieved two thirds of its targets, the agency reported.

OPEC agreed with 11 non-member oil producing nations in December 2016 to cut production by a combined 1.8 million barrels per day, in order to tackle global supply glut and boost prices.

The deal was extended twice last year and will run until the end of 2018.