Russia's Novak: There's no decision yet to extend OPEC+ oil output cuts deal

Author: Justin Low | Category: News

Russian energy minister, Alexander Novak, comments

  • OPEC+ has shown efficiency amid current market volatility
  • It would be good if we changed our decisions as little as possible for several months
  • Then the market would see the situation as more stable
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Russia continues to play it coy with the current agreement only to last through July at the moment. At the end of the day, it will all come down to the market reaction and OPEC+ members will play around that before committing to any further decisions.

As for June and July, I reckon one can expect better compliance to the output cuts deal in order to appease Saudi Arabia but anything beyond that remains up in the air surely.

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