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OPEC+ countries ready to increase oil output cuts in Q1 2024

"The timely actions of OPEC+, thanks to which an additional 2.2 mln barrels per day will not enter the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024," Alexander Novak said

MOSCOW, December 5. /TASS/. OPEC+ members would be ready to increase oil production cuts in the Q1 of 2024 to remove profiteering and restrict volatility in the global market. The decision by OPEC+ to lower oil production by 2.2 mln barrels per day in the Q1 of 2024 helps the world to navigate through a period of low demand painlessly, Russian Deputy Prime Minister Alexander Novak said in an interview with TASS.

"The timely actions of OPEC+, thanks to which an additional 2.2 mln barrels per day will not enter the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024," the minister said.

"I would also like to note that if the current measures are not enough, OPEC+ countries are ready to take additional measures to eliminate profiteering and volatility," he said.

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Alexander Novak OPEC

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