Russian Deputy Prime Minister says OPEC+ should keep boosting oil production

Alexander Novak, Russian Deputy Prime Minister, stated that OPEC+ should continue to increase oil output amid summer growth in consumption.

Eight OPEC+ member countries have agreed to cancel voluntary production cuts of 2.2 million barrels per day. This agreement is valid from April to July. Next month, OPEC+ will meet to decide on quotas for August.

Russia initially advocated suspending the production increase in July, but eventually supported lifting output by 411,000 barrels per day. According to Novak, Russia has both the ability to reduce and increase production volumes.

OPEC Secretary General Haitham al-Ghais previously noted that demand for oil continues to grow, especially in developing countries. Addressing a question about potential intervention to offset possible supply losses from Iran, Novak echoed the stance of Saudi Arabian energy minister. They believe that OPEC should only respond to reality and avoid scaring the market with forecasts, while consistently implementing its plans.