OPEC + to pursue plans to moderate production cuts: Novak

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OPEC + to pursue plans to moderate production cuts: Novak




FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture


© Reuters / Dado Ruvic
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture


MOSCOW, Oct 14 (Reuters) – Russian Energy Minister Alexander Novak said on Wednesday that the OPEC + alliance will begin to moderate its oil production cuts, as planned, despite the global surge in coronavirus cases. .

“Despite the beginning of a second wave of the epidemic, we, together with our colleagues, continue to view the situation with optimism and believe that we can gradually increase production,” Novak said in an article published in a journal of his ministry.

OPEC + plans to ease the restrictions from January 1. The block is currently applying a reduction of 7.7 million barrels of oil per day (bpd) to balance the market, support barrel prices and reduce global inventories.

Some analysts believe that the global oil glut is far from over and question expectations of higher production.

Earlier on Wednesday, the International Energy Agency (IEA) said a second wave of COVID-19 is slowing demand for crude and will complicate efforts by large producers to balance the market.

(Reports by Vladimir Soldatkin and Oksana Kobzeva. Edited in Spanish by Marion Giraldo)

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