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OPEC+ countries to discuss situation on oil market at June 1 meeting — Novak

The minister refused to say whether a reduction of voluntary oil output cuts by some countries of the alliance is under consideration

MOSCOW, May 22. /TASS/. The OPEC+ participating countries will discuss the current situation on the global oil market at a ministerial meeting on June 1, Russian Deputy Prime Minister Alexander Novak told reporters.

"We will have a meeting on [June] 1. We discuss the current situation at such meetings: ministerial, JMMC (Joint Ministerial Monitoring Committee - TASS)," he said.

Meanwhile, Novak refused to say whether a reduction of voluntary oil output cuts by some countries of the alliance is under consideration.

Starting the first quarter of 2024, several OPEC+ countries, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 mln barrels per day to balance the market. Initially, the measure was to apply only in Q1, but in early March, the alliance countries extended its effect to Q2 as well.

Moreover, a number of OPEC+ countries, also including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 1.66 mln barrels per day from last spring to the end of 2024.

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Alexander Novak OPEC

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