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OPEC+ Unlikely to Take Any Further Steps in June

RUSSIA
  • OPEC+ is unlikely to take any new steps at its June meeting after deciding to cut output a month ago, Deputy Prime Minister Alexander Novak said. The current task of OPEC+ is to monitor the market and react promptly, Novak said in an interview with Izvestia. The group’s aim is not to inflate prices, but rather to balance the market to ensure the interests of both producers and consumers, he said. Novak sees Brent slightly above $80/bbl by end-2023, and hopes demand will grow during the summer.
  • Russia is not transferring its tactical nuclear weapons to Belarus when storing them on its territory, Defense Minister Sergei Shoigu said according to Interfax. Control over them and decisions on their use remains with the Russian side, he said.
  • President Vladimir Putin will take part in a Eurasian Economic Union meeting today, with Kommersant reporting that monetary regulators from member countries are set to discuss the prospects of trade in digital national currencies. Bank of Russia First Deputy Governor Ksenia Yudaeva and other officials are expected to take part in a banking conference. The Bank of Russia will also report weekly gold and FX reserve data at 1400BST/1600 local time.
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