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Russia does not expect to see oil market imbalance with increase in OPEC+ output

The OPEC+ agreement includes 8 countries that extended the voluntary oil production cut by 2.2 mln barrels per day for the Q3

GROZNY, July 15. /TASS/. Russia does not expect an imbalance in the global oil market if OPEC+ countries increase production this fall, Deputy Prime Minister Alexander Novak told reporters.

"Now we have such an option [to increase production in the fall], we will evaluate the current situation. The market will always be balanced thanks to our actions," Novak said, answering a question about the market's ability to withstand an increase in production by OPEC+ countries.

The OPEC+ agreement includes 8 countries that extended the voluntary oil production cut by 2.2 mln barrels per day (bpd) for the Q3. The alliance is committed to these measures to balance the oil market from the beginning of 2024. Starting in October, OPEC+ countries plan to begin a gradual restoration of production that will last until October 2025.

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Alexander Novak OPEC

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White House irked by Putin’s ironic comment about US elections

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Putin calls West's policy to ban Russia from dollar settlements ‘stupid’

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Kiev reiterates hopes for Moscow’s attendance of second peace conference

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Russian forces wipe out Ukrainian training center with NATO instructors in Poltava

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Russian helicopters wipeout Ukrainian troops, armored vehicles in Kursk Region

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South Africa considering oil supplies from Russia — ambassador in Moscow

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Press review: Mongolia shoves Putin's arrest warrant and big deals abound at EEF

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