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Russian Deputy Prime Minister Alexander Novak: OPEC+ is committed to ensuring stability in the oil market

 Last Update: 2023-03-24
 Source: Internet
 Author: User

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Russian Deputy Prime Minister Alexander Novak said at a press conference after the OPEC+ meeting that all countries in the group are committed to ensuring market stability
.

The oil market is recovering and OPEC+ is increasing production, but the alliance expects a seasonal decline in demand in the fourth quarter of 2021 and the first quarter of next year:

OPEC+ has so far stuck to its plan to increase production by 400,000 b/d month-by-month in January and February;

The Delta variant remains a pressure on global oil demand;

OPEC+'s plan to increase production by 400,000 b/d per month remains in effect
.

The alliance meets once a month, allowing it to react quickly to market changes and adjust production levels
to demand.

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