Novak: Oil prices decline as a result of “OPEC+” agreement misinterpretation

Russian Deputy Prime Minister Alexander Novak said on Thursday that the decline in oil prices after the meeting held by the OPEC+ group at the weekend was due to “speculative factors” and misinterpretations of the agreement reached.

Novak expected oil prices to range between $80 and $85 per barrel by the end of the year. Brent crude oil currently stands at $78.82.

Novak confirmed that Russia will reduce its production to 9 million barrels per day by the end of June.