OPEC+ to take action if necessary: Russia's Novak

09/12/2023 Argaam

OPEC+ to take actionif necessary:Russia's Novak

Russian Deputy Prime Minister Alexander Novak

Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ will be ready to take a decision if market situation would require it, Reuters reported.

 

"We will analyze the situation on the oil market and, if necessary, make appropriate decisions," he noted.

 

The group of leading oil producers agreed last week to voluntary supply cuts totaling about 2.2 million barrels per day (bpd), including an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd to prop up sluggish oil market.

 

Novak also stated that oil market situation requires agreed joint decisions.

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