Russian Deputy Prime Minister Novak: Other OPEC countries may also reduce production
In a statement to the Russian state channel Rossiya-24, Novak stated that 9 countries, including Russia and Saudi Arabia, have voluntarily decided to reduce oil production.
Pointing out that there are 23 countries in the OPEC+ group, Novak said, «In our meetings today, we evaluated that other countries may decide to voluntarily reduce their oil production if they deem it necessary to stabilize the market.» said.
Yesterday, it was reported that Saudi Arabia and Russia will reduce their daily oil production by 500 thousand barrels by the end of the year.
Iraq has announced that it will cut 211,000 barrels, United Arab Emirates 144 thousand, Kuwait 128 thousand, Kazakhstan 78 thousand, Algeria 48 thousand, Oman 40 thousand and Gabon 8 thousand barrels.
With these developments, OPEC+ countries will have cut approximately 1.6 million barrels per day as of May, in addition to the current 2 million barrels per day production cut.
The barrel price of Brent oil, which completed Friday at $ 79.89, became $ 84.91 with an increase of 6.3 percent compared to the closing as of 14.30 today.
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Russian Energy Minister Alexander Novak has stated that nine countries, including Russia and Saudi Arabia, have voluntarily decided to reduce oil production. Novak pointed out that there are 23 countries in the OPEC+ group and other countries may also decide to reduce their oil production if deemed necessary to stabilise the market. It was reported that Saudi Arabia and Russia would reduce their daily oil production by 500,000 barrels by the end of the year. Iraq has announced that it will cut 211,000 barrels, United Arab Emirates 144,000, Kuwait 128,000, Kazakhstan 78,000, Algeria 48,000, Oman 40,000 and Gabon 8,000 barrels. These developments mean that OPEC+ countries will have cut approximately 1.6 million barrels per day as of May, in addition to the current 2 million barrels per day production cut. As a result of these announcements, Brent crude rose by 6.3% compared to the previous close.
