Russia: OPEC+ ready to move to support the oil market “at any moment”

Russian Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ group, which includes major oil producers, is ready to take a decision to support the oil market “at any moment” to face the consequences of tensions in the Middle East and other risks.

According to Reuters, Novak made this statement, which was broadcast on television, after a meeting of the OPEC+ Joint Ministerial Monitoring Committee, which suggested not making any changes to production plans.

Two OPEC+ sources said that the alliance will consider in early March whether to extend the voluntary oil production cuts of 2.2 million barrels per day, which are scheduled to expire at the end of the current quarter of the year.

Saudi Arabia alone participates in nearly half of these cuts, at a rate of one million barrels per day.

“It is very important that there is continuous monitoring of the current situation so that we can at any moment make joint decisions to adjust our unified procedures aimed at achieving balance in the market,” Novak said, pointing to tensions in the Middle East and attacks on ships in the Red Sea.

He added, “It is clear that the market situation is greatly affected today by what is happening in the Middle East,” but he also said that the global market is generally stable.