MINERALNYE VODY, May 3. /TASS/. OPEC+ will assess the current decline in oil prices, it may be short-term, Russian Deputy Prime Minister Alexander Novak told reporters.

"We will watch the market. We will monitor the situation. We need to understand the reasons [for the drop in oil prices], the prospects for how [the situation] will evolve further, maybe this is a short-term situation," he said.

The price of a futures contract for Brent crude oil for July delivery on the London ICE exchange on Wednesday fell to $72 a barrel for the first time since March 20, 2023, according to trading data.