OPEC+ is not planning any immediate talks around oil production cuts or increases, according to a senior Russian Government figure.
Alexander Novak, Russia’s Deputy Prime Minister, said the grouping is still planning to gradually add supply to the market this coming December.
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He said that all countries “are generally fulfilling their obligations under the agreement [and] we are observing and monitoring the situation on the market in terms of the balance of supply and demand”, as reported by a Russian news service.
The comments follow reports that Saudia Arabia, a crucial member of both OPEC and OPEC+, is trying to bring back more oil production in December as it seeks to regain market share.
The OPEC+ grouping had initially planned to begin slowly reversing the 2.2 million barrels per day of cuts from October.
However, stagnating oil prices over the summer saw the body delay the unwinding by two months until December this year.
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By GlobalData
