Russia Says OPEC+ Cuts May Go Further in Echo of Saudi Stance
- Group could take ‘additional steps’ if necessary, Novak says
- Saudi minister says cuts could continue beyond first quarter
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OPEC+ could take further measures if last week’s production cuts agreement isn’t enough to balance the oil market, said Deputy Prime Minister Alexander Novak.
The deal to reduce OPEC+ output by 2.2 million barrels a day for three months from Jan. 1 should allow the market to “pass safely” through the period of seasonally lower demand usually seen in the first quarter, Novak said on Tuesday according to the Tass news agency.