Novak says, no urgent measures needed from “OPEC+”

On Tuesday, Russian Deputy Prime Minister Alexander Novak stated that there is no immediate need for action from the OPEC+ alliance, especially given the current rise in oil prices and the market achieving a certain balance.

When asked about the possibility of OPEC Plus discussions to implement additional measures for stabilizing the oil market, Novak responded by saying, “Currently, prices are experiencing some upward movement, and the situation is relatively balanced. We will monitor this, and it would be premature to insist on immediate decision-making,” as reported by the Russian Information Agency, reports Al-Rai daily.

In November of the previous year, the Organization of the Petroleum Exporting Countries (OPEC) and its allies had agreed to a voluntary reduction of approximately 2.2 million barrels per day, a measure set to continue throughout the first quarter.

Just this past Sunday, Novak announced that Russia would proactively decrease exports in December, ahead of the target date, by approximately 50,000 barrels per day or more. This move is part of the efforts by the world’s largest exporters to bolster global oil prices.

Russian exports faced constraints this month due to adverse weather conditions in the Black Sea and maintenance activities at the port of Primorsk on the Baltic Sea.

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