OPEC+ Aims to Stick to Output Deal Amid Virus Surge, Russia Says
- Oil production deal stabilized market: Energy Minister Novak
- Putin, Saudi Crown Prince talked by phone on Tuesday
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OPEC and its allies are optimistic about the pace of oil’s recovery, even amid a surge in Covid-19 cases, and plan to stick to a gradual tapering of production cuts, according to Russia’s energy minister.
Currently, “we expect we will be able to gradually raise production, in line with the conditions of the agreement, without harming the market,” Alexander Novak said in his column for the October issue of Energy Policy magazine. The output deal reached in April has helped to support the global oil industry hit hard by the pandemic, Novak said.