Russia to discuss with OPEC+ partners what is best for the market in June - Kommersant
OPEC+ countries at a meeting on June 4 will discuss the state of the market and, if necessary, take new measures to achieve a balance, said Russian Deputy Prime Minister Alexander Novak. He clarified that Russia will adhere to earlier decisions.
According to him, the OPEC+ meetings are aimed, among other things, at reaching a consensus on measures that are needed to balance the market. “Russia will participate in discussions with partners to determine what is best for the market, while adhering to all previous decisions,” added Mr. Novak (quoted by Interfax).
OPEC+ ministers to meet in Vienna. The ministers last met in person in October 2022. In April 2023 Algeria, Iraq, Kazakhstan, Kuwait, United Arab Emirates, Oman, Russia and Saudi Arabia announced on the voluntary reduction of oil production. We are talking about a decrease of 1 million barrels per day from May until the end of the year, while Russia extended for the same period, the reduction in production by 500,000 barrels already begun in March.
About the consequences of this decision - in the material "Kommersant" "The barrel rolls around".