Novak: OPEC+ not discussing any changes in production policy

Russian Deputy Prime Minister Alexander Novak said that all countries participating in the OPEC+ agreement are fully committed to their commitments and that OPEC+ is not discussing any changes in the agreement standards, adding: “We are monitoring and following the market situation in terms of supply and demand balance.”

Novak said at the Russian Energy Week forum that his country may lift the ban on gasoline exports in the event of a surplus in supply, indicating that there are no concerns about the Russian fuel market at the present time.

He added, “The market has sufficient quantities of gasoline and diesel fuel. We do not see any worrying situations. There are currently enough oil products on the stock exchange and prices at gas stations are stable.”