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OPEC+ decision on oil output quotas by 2025 supports market stability — Novak

According to the Russian deputy prime minister, the market understands what will happen in Q3 and what OPEC+ plans to do by 2025

ST. PETERSBURG, June 6. /TASS/. The decision on output levels by the end of 2025 taken by OPEC+ last week positively influences the oil market and supports its stability, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF).

"The main areas of cooperation by the end of 2025 were defined in Riyadh. We believe that their vector is absolutely correct as it enables energy markets <…> to create certainty," he said.

Thanks to decisions taken, the market understands what will happen in Q3 and what OPEC+ plans to do by 2025, Novak added.

"Meanwhile we say that we can always swiftly respond to the current situation on the market," he noted.

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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Alexander Novak OPEC

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