Novak hails OPEC deal's positive impact on oil prices

Novak hails OPEC deal
# 09 December 2020 18:23 (UTC +04:00)

Russian Deputy Prime Minister Alexander Novak stated on Wednesday that oil prices "have stabilized in a predictable range" after the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) agreed to gradually increase crude output by up to 500,000 barrels per day starting January, APA reports citing Teletrader.

"A new approach with monthly meetings [of OPEC+ ministers] allows us to make more accurate and balanced decisions in order to take into account the market situation and gradually restore production, to prevent both market overheating and overproduction," Novak stressed at a governmental meeting in Moscow. The next meeting of OPEC+ ministers is scheduled for January 4.