OPEC+ countries are ready for new measures on the oil market if necessary – Kommersant
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Russian Deputy Prime Minister Alexander Novak said that the new OPEC+ deal is currently being implemented by the participating countries above 100%. According to him, the parties to the deal are ready for new measures in the oil market if the situation changes.
According to him, today the situation on the global oil market is stable and does not require extraordinary measures and decisions. “We will closely monitor the situation on the market, and if necessary, additional decisions can be made at any time, either in one direction or the other. But the main thing is that today the ministers confirmed their commitments to voluntary reductions,” Mr. Novak said in an interview with the Rossiya-24 TV channel after a meeting of the OPEC+ monitoring committee.
He also noted that the OPEC+ ministers agreed to continue to closely monitor the situation on the global oil market; today it is stable, but if necessary, additional decisions on the deal can be made in any direction. “We agreed that we will carefully continue to monitor the fulfillment of the obligations undertaken by the OPEC+ countries. The situation on the market was also reviewed and we agreed to monitor it closely. Today the situation is stable, we will continue to monitor and, if necessary, make additional decisions that should stabilize the market,” the official added.
On November 30, Mr. Novak reported that the reduction in production by a number of OPEC+ countries (including the Russian Federation) in the first quarter of 2024 will amount to 2.2 million barrels per day (b/d); it is necessary to achieve balance in the oil market during the seasonal period. reduction in demand. It was clarified that “the reduction will be calculated based on the average level of exports for May and June 2023.” In May, Russian exports by sea reached the maximum values for the year at 3.9 million b/d, in June – 3.5 million b/d, and due to this high base, Russian oil companies then did not experience problems due to a decrease in supplies abroad .
Read about the situation on the oil market in the Kommersant publication. “Easy to rise oil”.
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