Russia is ready to extend the oil production cut agreement with Opec, media sources said, citing the Russian Energy Ministry.

"Now we are holding final negotiations on this topic with our partners and are inclined to think that extension is reasonable," TASS, the Russian news agency, quoted the energy minister as saying.

“Reduction of the surplus of commercial reserves on the market is going at a fairly good pace, while the reserves in floating storage facilities and tankers have decreased by about half,” said Alexander Valentinovich Novak.

The minister marked a high level of discipline among the countries in terms of meeting their obligations on oil production cut deal and a good pace of growth in demand.

Novak added that for the full recovery of the market, it is necessary to extend the initiative.

Under the agreement with Opec Russia is to reduce its average daily oil production by 300,000 barrels in the first half of 2017, or by 2.7 per cent in comparison with the level of last October.

On May 2, the Energy Ministry reported that the target had been achieved.

At a meeting in Vienna on May 24-25, Opec and Russia will hold official negotiations on the extension of the deal for another six months. To date, most cartel countries have expressed their support for the prolongation of the agreement, according to the TASS report.