Free Trial

OPEC+ Unlikely To Act At June Meeting: Novak

OIL

OPEC+ is unlikely to take action during its next ministerial meeting on 3-4 June, Russia’s Deputy PM Alexander Novak said.

  • "I don't think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries due to the fact that we saw the slow pace of global economic recovery," Novak said.
  • Novak sees the price of Brent crude slightly above $80/bbl by the end of 2023 and hopes demand will grow during the summer.
  • Bank forecasts for year-end Brent crude range between $75-95/bbl.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.