(MENAFN) Russian Deputy Prime Minister Alexander Novak reassured on Wednesday that Russia remains steadfast in fulfilling its obligations to reduce oil supplies as per the terms of the OPEC+ alliance agreement. His remarks followed a meeting of OPEC+ ministers where the consensus was to maintain the current oil production policy without alterations.

During the meeting, there was a consensus on the importance of certain member countries reinforcing their adherence to production cuts. This decision bolstered global crude prices, which surged to their highest levels in five months, reaching approximately USD90 per barrel.

Novak emphasized the demonstrable commitment of OPEC+ member nations to adhering to production cuts. Last month, Russia had announced its intention to further decrease oil production and exports by an additional 471,000 barrels per day during the second quarter of the year, aligning with the efforts of select OPEC+ countries.

Highlighting the efficacy of strategies aimed at achieving equilibrium in the oil market, Novak expressed confidence that OPEC+ would continue to make decisions geared towards ensuring stability in the global oil market. When queried about the escalating tensions in the Middle East and their impact on rising oil prices, Novak responded by indicating that discussions encompassed various factors influencing the balance between supply and demand, including economic growth.

MENAFN04042024000045015682ID1108057317