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7/2, 1:35 PM (Source: TeleTrader)
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Novak: No decision on OPEC+ deal extension

Russia's Energy Minister Alexander Novak (pictured) stated on Thursday that no decision has been made regarding the oil production cut agreement between the members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+).

Speaking at a videoconference, he explained that the reduction quota for Russia will be eased from 9.7 million barrels per day (bpd) to 7.7 million bpd starting from August 1. However, Novak noted that the OPEC's Joint Technical Committee (JTC) will continue to monitor the situation on the global oil market and react accordingly to any significant changes.

The emergence of "black swan" events like the novel coronavirus global pandemic has shown the importance of coordinated responses by organizations such as OPEC, the Russian official pointed out.

Breaking the News / MS