Russian Deputy Prime Minister Alexander Novak said OPEC+ will not comply with requests from China and the US to increase the production of oil.
In an interview with the state-owned RBC media, Novak said the request did not fit in his long-term vision, stating that mining companies “need to understand in advance what investments to plan in order to ensure production increases”.
“We believe that it would be right for the market to show in the mid-term how we will increase production as demand grows.”
“The producing companies should understand beforehand which investments they have to plan in order to ensure a production increase.”
He pointed out that the group cannot constantly provide fluctuations in production.
Novak said the release oil reserves by the US and other major consumers will have a limited short-term effect on the oil market.
The minister expected oil to trade between $65 and $80 per barrel next year.
“Global oil demand was seen rising by around 4 million barrels per day (bpd) next year after an increase of up to 5 million bpd this year.” (Agencies)
