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Russia's Novak Flags Possibility of OPEC+ Supply Increase

OIL

The possibility of OPEC+ increasing oil production is still being discussed according to Russian Deputy PM Alexander Novak speaking with Interfax.

  • "It always depends on the current situation; the balance of supply and demand. Everything is analyzed. Now there is no need to forecast anything. We need to look at how the market is feeling," he said.
  • The comments counter the widely held view that OPEC+ will extend voluntary cuts at its June 1 meeting based on Bloomberg and Reuters surveys.

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