OPEC+ will not reduce oil production as global demand recovers

Vladivostok (ANTARA) - The OPEC+ alliance will not reduce oil production as global oil demand begins to recover, said Russian Deputy Prime Minister Alexander Novak on Wednesday.

“I believe that in the current global oil market situation, we are not discussing cuts. We see that supply in the market is already limited,” said Novak.

Therefore, he continued, in recent months OPEC+ has made decisions to increase production volumes and quotas, which were previously reduced based on voluntary restrictions.

“Now, quite the opposite, we have loosened those quotas,” Novak told reporters.

He made these remarks in response to questions regarding the possibility of OPEC+ revisiting oil production cuts at its next meeting.

According to experts from OPEC and the OPEC Secretariat, global oil demand has gradually recovered, Novak stated.

OPEC+ is an alliance between the Organisation of the Petroleum Exporting Countries (OPEC) and several oil-producing nations that are not members of OPEC, such as Russia, Mexico, and Kazakhstan.