Russia Will Wait a Month Before Deciding on Future of OPEC+ Cuts
- Moscow aims to see how the situation evolves in a month: Novak
- Saudi Arabia urged OPEC+ to be ‘proactive’ amid uncertainty
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Russia, OPEC’s key ally in the deal to balance the global oil market, won’t be making any decisions about the future of the group’s production cuts before next month’s meeting.
“We will have a look in a month and come up with our position,” Energy Minister Alexander Novak told Bloomberg on Tuesday. A day earlier, speaking at a meeting with fellow OPEC+ ministers, he had warned that the recovery in global oil demand has slowed recently amid new waves of the coronavirus pandemic, adding to market uncertainty.