Russian OilMin Novak: OPEC pact to cut oil output Is working - Reuters

In an interview with Reuters, Russian Oil Minister Alexander Novak said that the OPEC pact to cut oil output was working and there was no immediate need for extra steps.

Key quotes (via Reuters):

• OPEC, Non-OPEC monitoring group has authority to recommend new action at meeting in July
• Potential for rise in oil price, $50-$60/barrel price seen as ‘fair’ 
• ‘Smooth’ exit seen from global oil output pact on expiry at end-March 2018