9 December 2023 - 20:24
  • News ID: 634289
Russia's Novak: OPEC+ stands ready to take action

Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ group of leading oil producers will be ready to make a decision if market situation would require it.

"We will analyse the situation on the oil market and, if necessary, make appropriate decisions," Novak told reporters.

OPEC+ agreed last week to voluntary supply cuts totalling about 2.2 million barrels per day (bpd), including an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd to prop up sluggish oil market, Reuters reported.

However, the decision failed to stabilise oil prices: Brent and WTI crude futures are on track to fall 4.4% and 4.7% for the week, respectively, their biggest losses in five weeks.

Novak's comments followed scepticism in oil markets about whether the voluntary cuts would be implemented in full.

Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a fractious meeting of the producers' club.

Novak also told reporters on Friday that oil market situation requires agreed joint decisions.

News ID 634289


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