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OPEC+ Stands Ready to Take Action: Russia’s Novak

OIL

Russian Deputy PM Alexander Novak said Dec. 8 that OPEC+ is ready to make a decision if market conditions require, Reuters reported.

  • "We will analyse the situation on the oil market and, if necessary, make appropriate decisions," Novak told reporters.
  • Novak added that the oil market situation requires agreed joint decisions.
  • OPEC+ agreed to supply cuts last week, totalling 2.2m b/d. However, this included an extension of the 1m b/d Saudi cuts already in place, stoking scepticism of the scope of these voluntary cuts.
  • Russia agreed to cut exports of crude by 300k b/d and products by 200k b/d from the May-June average.
  • Several ministers of OPEC+ members, such as those of Algeria and Iraq, have come out publicly to support of the output cut and were keen not to rule out further reductions to shore up the market.
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