Novak: OPEC+ will take a decision on oil production if necessary

Interfax news agency quoted Russian Deputy Prime Minister Alexander Novak as saying on Tuesday that the OPEC+ group, which includes major oil producers, has already agreed to take action on oil production if necessary.

According to Reuters, he also said that there is no need to predict further OPEC+ steps, while the situation in the market should be analyzed.

OPEC and its allies have not yet begun formal talks on extending voluntary oil production cuts of 2.2 million barrels per day beyond June, but three sources from OPEC+ producers said they may continue their cuts if demand rates do not rise.