Next Meeting to Determine Optimal Oil Market Decision for Russia and OPEC+ Nations

Russian Deputy Prime Minister Alexander Novak confirmed that Russia and other countries of the OPEC + alliance will choose the best solution for the oil market at the next meeting, without canceling or suspending any of the previous decisions.

“We do not agree with Bloomberg’s misrepresentation based on an incomplete quote that Russia does not agree that decisions can be made at the next meeting,” Novak said. “Russia will enter into negotiations with partners to determine what is best for the market.” while respecting all previous decisions.

Earlier, the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman, considered that the decisions of the International Energy Agency cause confusion in the world oil markets, and the OPEC+ group, in turn, is engaged in incorrect decisions.

At a meeting on the sidelines of the Qatar Economic Forum in Doha, the Saudi minister said: “Look who tried to present the most forecasts, data and forecasts that have already created most of the volatility that we have seen in 2022. , and they still do it … The IAEA has proven that he has talent.” Especially if you make mistakes.”

On June 4, a meeting of the OPEC + coalition will be held in Vienna, at which a decision will be made on further oil policy and a course of action in the oil market will be determined.

Earlier, Saudi Arabia and other OPEC+ countries announced sudden voluntary cuts in production, sparking a rise in oil prices after a sharp decline due to fears of a demand banking crisis.

In its report for May, the International Energy Agency expected oil production in a group of countries led by the United States and Brazil, which are not members of the OPEC + alliance, to grow by 1.7 million barrels per day. , and the OPEC + countries will collectively reduce production by 560 thousand barrels per day.

Source: News

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