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Oil market situation prevented OPEC+ to start production recovery from October — Novak

Russian Deputy Prime Minister recalled that OPEC+ countries voluntarily reduced oil production at present and planned to gradually restore it in future

MOSCOW, September 26. /TASS/. OPEC+ countries postponed oil production recovery from October to December after the analysis, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 television within the framework of the Russian Energy Week.

"The postponement was for two months as a result of the market analysis. And the current situation prevented from doing that," the official said. "This is the essence and the positive moment of our agreement that we assess the current situation monthly on a going basis and make decisions that are the most reasonable for the market from the standpoint of its balancing," Novak noted.

OPEC+ countries voluntarily reduce oil production at present and plan to gradually restore it in future subject to demand growth and deficit appearance in the market, the official added. Oil production recovery was planned initially from October 1 but was postponed for two months until December.

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Alexander Novak OPEC

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