Russia deputy prime minister says oil market is balanced thanks to OPEC+

Novak had graduated from being Russia’s energy minister to deputy prime minister but he is still very much involved with OPEC+ matters. In the meeting today, he basically just reaffirmed the partnership between Russia and OPEC. Adding that:

“Russia will continue to be a key player in the oil market, maintaining its status as a reliable supplier. The OPEC+ member countries are in constant contact, monitor the market situation and are ready to flexibly and promptly respond to any changes in market conditions. The current mechanism for implementing the OPEC+ Agreement is the most effective tool for maximizing the efficiency of oil production and state revenues.”

OPEC is also out with a statement saying that the meeting highlights “the important partnership between the Russian Federation and OPEC at all levels”. It looks like this pact will continue for a while more.

This article was written by Justin Low at www.forexlive.com.