Novak: Russia fulfills all its obligations in OPEC+

Russian Deputy Prime Minister Alexander Novak said on Wednesday that his country is fulfilling all its obligations to reduce oil supplies within the framework of the OPEC+ alliance agreement.

According to Reuters, Novak added that the countries participating in OPEC+ have proven their high level of commitment to production cuts.

Russia announced last month that it would reduce its oil production and exports by an additional amount of 471,000 barrels per day in the second quarter of the year in coordination with some OPEC+ countries.

He pointed out that the methods aimed at achieving balance in the oil market are bearing fruit, and that OPEC+ will take decisions to ensure the stability of the global oil market.

As for the tension in the Middle East and the rise in oil prices, Novak said, “We discussed the situation in the market in general and the factors that affect, through this method or other ways, the balance between supply and demand, including economic growth.”

He added, “Of course, this includes the influential factors that we see in the Middle East. Tension has an impact on the market… Oil prices increased to $89 per barrel today.”