10/4/2023, 2:42 PM (Source: TeleTrader)
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Novak: Oil output cut added to market stability

Russian Deputy Prime Minister for Fuel Energy complex Alexander Novak remarked on Wednesday that his country and Saudi Arabia's decision to extend their oil production cuts until the end of the year played a significant stability factor in the global market and fuel prices.

Speaking to Rossiya-24, Novak noted a "record-high" global demand for oil. He stressed that all the nations belonging to the Organization of Petroleum Exporting Countries and its partners (OPEC+) that decided to cut their production are honoring that commitment. The deputy prime minister added that OPEC+ could modify that move if needed.

Earlier in the day, Novak said that Russia will make an assessment of its production cut decision in November.

Baha Breaking News (BBN) / JR