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Extension of OPEC+ production cuts may be related to winter oil demand decline — Novak

The Russian deputy prime minister stressed that at the OPEC+ ministerial meeting, the alliance countries will once again analyze the situation on the oil market

MOSCOW, November 8. /TASS/. OPEC+ countries have decided to extend the voluntary oil production cuts by 2 mln bpd until the end of the year due to the winter decline in demand for oil, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 TV channel.

He recalled that the principle of work within OPEC+ is to closely observe the market, monitor supply and demand, and make further decisions based on the current situation.

"Therefore, this is absolutely objective, we are still in the winter period and the demand is decreasing compared to the summer period, that is, fewer cars consume oil products in the winter, the holiday season is ending," Novak said.

The deputy prime minister stressed that at the OPEC+ ministerial meeting, the alliance countries will once again analyze the situation on the oil market, discuss forecasts for the first quarter of next year and make a decision based on this information.

Earlier, eight OPEC+ countries postponed their decision to begin restoring oil production for another month, until the end of 2024. Initially, the production recovery was supposed to begin gradually in October, but in September, OPEC+ decided to postpone it for two months, until December.

Countries that continue to voluntarily reduce production include Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. Starting in the Q1 of 2024, these countries voluntarily reduce production by 2.2 mln bpd.

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Alexander Novak OPEC

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