OPEC+ will not hold any immediate discussions regarding changes to oil production levels, a senior Russian official announced. Alexander Novak, Russia’s Deputy Prime Minister, stated that the group intends to gradually increase supply in December. He emphasized that all member countries are meeting their commitments under the agreement. He also mentioned that they are closely monitoring market conditions related to supply and demand, as reported by a Russian news service.
Novak’s comments come after reports indicated that Saudi Arabia, a key member of OPEC and OPEC+, plans to boost oil production in December to regain market share. Initially, OPEC+ aimed to start reversing a 2.2 million barrels per day (bpd) production cut in October. However, due to stagnant oil prices over the summer, the group postponed this adjustment by two months, pushing it to December this year.
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