Russia’s Deputy PM Alexander Novak said on Thursday that OPEC+ should follow through with plans to raise oil production, citing increased demand during the summer.

  • Novak said it was time to return some of the 2023 voluntary cuts to the market to help balance supply.

  • Eight OPEC+ members (Saudi Arabia, Russia, UAE, Iraq, Kuwait, Oman, Algeria, Kazakhstan) are phasing out 2.2 million bpd in cuts from April to July.

  • While Russia initially suggested pausing the July increase, it later supported a 411,000 bpd boost.

On tensions in the Middle East:

  • Novak said OPEC+ should stick to its current path and avoid unsettling the market with speculative forecasts.

  • Saudi Energy Minister Prince Abdulaziz echoed that view, saying the group would respond only to actual supply disruptions, not hypothetical ones.

Comments reported via Reuters overnight ICYMI.

OPEC
Source: Forex Live