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OPEC+ countries ready to new measures on oil market if necessary — Novak

The current market situation is balanced, the official said

MOSCOW, February 1. /TASS/. The OPEC+ member-countries are ready for new measures on the oil market if needed, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 television after the OPEC+ monitoring committee meeting.

"We agree that we will continue closely monitoring of performance of commitments taken by countries within the OPEC+ framework. The market situation was discussed; we agree to keep an eye on it. The situation is stable at present; we will continue monitoring, making if required additional decision to stabilize the market if there is such need," Novak said, adding that such measures can apply to either an increase or reduction of production or supplies.

"Furthermore, the ministers said they are committed to performing all the agreements reached last November on honoring quotas and voluntary commitments undertaken for the first quarter of this year," Novak added.

The recent performance level of the deal by agreement participants is over 100% in November - December 2023, the official noted. The current market situation is balanced, Novak said.

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Alexander Novak OPEC

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