Russia’s Deputy PM Alexander Novak said on Thursday that OPEC+ should follow through with plans to raise oil production, citing increased demand during the summer.
Novak said it was time to return some of the 2023 voluntary cuts to the market to help balance supply.
Eight OPEC+ members (Saudi Arabia, Russia, UAE, Iraq, Kuwait, Oman, Algeria, Kazakhstan) are phasing out 2.2 million bpd in cuts from April to July.
While Russia initially suggested pausing the July increase, it later supported a 411,000 bpd boost.
On tensions in the Middle East:
Novak said OPEC+ should stick to its current path and avoid unsettling the market with speculative forecasts.
Saudi Energy Minister Prince Abdulaziz echoed that view, saying the group would respond only to actual supply disruptions, not hypothetical ones.
Comments reported via Reuters overnight ICYMI.
This article was written by Eamonn Sheridan at www.forexlive.com.