Russian Deputy Prime Minister Alexander Novak said on Wednesday that a OPEC+ meeting of oil producers next week may confirm or tweak output plans following its decision to ease production curbs.
OPEC+ agreed on April 1 to ease oil output cuts gradually from May, after the new US administration called on Saudi Arabia to keep energy affordable for consumers.
For the latest headlines, follow our Google News channel online or via the app.
OPEC+ cut supply by a record 9.7 million bpd last year to support the market as demand collapsed. Most of those curbs remain in place even after the April 1 decision. OPEC+ holds its next policy meeting on April 28.
“We met a month ago, we discussed our action plan for the (next) three months. So, if nothing extraordinary happens, our task will be to confirm these plans and to tweak the new ones,” Novak told reporters.
He also said that the Russian government is set to discuss possible curbs on exports of gasoline to protect the domestic market.
Russian refineries annually produce 40 million tonnes of gasoline, of which around 10 percent is exported.
- Oil prices drop for second day as India’s COVID-19 surge dents demand outlook
- Oil at $68 on Libya force majeure, although rising pandemic cases in Asia limit gains
- Libya’s NOC declares force majeure on Hariga port after budget row with central bank
- Sinopec to develop Iraq's Mansuriya gas field: Ministry
- China’s oil refining giant Sinopec posts first-ever loss amid COVID-19 demand hit
- OPEC raises 2021 oil demand growth forecast on hopes COVID-19 impact subsides