Russian energy minister sees no hasty OPEC+ decisions this month

Russian energy minister sees no hasty OPEC+ decisions this month

Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable.

He also said there have been no additional proposals to change the deal between OPEC and other leading oil producers on production cuts, the reports said.

“I think no-one is putting forward any hasty moves, additional proposals. We are on track, in line with the plan, in line with the approved agreement,” Novak said when asked if the JMMC planned to propose any further easing of the output cuts.

“The market is more or less stable and we are seeing gradual balancing of the market,” TASS news agency quoted Novak as saying.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by around 10% of typical global demand to tackle the fallout from the COVID-19 pandemic.

Last month, a ministerial advisory panel to OPEC+, known as the JMMC, decided to ease the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd.

The Joint Ministerial Monitoring Committee is scheduled to convene next week against the background of an oil price recovery to above $45 a barrel from a 21-year low of below $16 in April. Novak said the meeting could be delayed to Aug. 19 from the initially planned Aug. 18.

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