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OPEC+ to increase oil production amid global economy growth this year — Russian official

According to Novak, the OPEC+ countries have demonstrated a rather high level of compliance with the deal’s terms

MOSCOW, September 7. /TASS/. Bearing in mind that the oil market is currently in a well-balanced state, with the global economy expected to grow faster this year than initially planned, the OPEC+ countries have agreed to raise oil production in October, Russian Deputy Prime Minister Alexander Novak said.

"Today, the market is well-balance. We see that the macroeconomic indices, judging both by the results and expert assessments, will be slightly higher this year than originally planned, including in terms of the global economic growth. We see current activities in the world involving the use of oil products, air communication, motor shipments. That is why this decision was made. It is an absolutely market-based decision," he said in an interview with the Rossiya-24 television channel after a meeting of the eight leading OPEC+ nations.

According to Novak, the OPEC+ countries have demonstrated a rather high level of compliance with the deal’s terms.

Earlier in the day, the eight leading OPEC+ nations made a decision to raise oil production by 137,000 barrels a day (on September) amid the favorable oil market conditions.

Participants in today’s OPEC+ meeting discussed the current state of the oil market and forecasts for its development. "We agreed to keep an eye on the market situation and we will be able to meet once a month to make decisions this or that way depending on the market situation," Novak added.

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