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Novak OPEC+ Comments Prompt Minor Crude Recovery

OIL

OPEC+ will monitor the situation on the oil market according to Russia Deputy PM Novak based on Tass reports.

  • It’s necessary to understand the reasons for the price drop and how the situation will develop he said.
  • Price drop may be temporary, Novak said, when asked whether OPEC+ will react.
  • Further cut commitments by Russia will be drawn into question by the market based on its oil exports remaining high despite claims of 500 kbpd cuts. Other OPEC members meanwhile appear committed to current cuts.
  • Crude bouncing off lows on Novak comments.
  • Brent JUL 23 down -3.8% at 72.43$/bbl
  • WTI JUN 23 down -4.1% at 68.71$/bbl

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