Novak calls OPEC+ decision unprecedented

MOSCOW, 5 Oct – PRIME. The decision of the OPEC + alliance to reduce oil production in November by 2 million barrels per day at once is unprecedented, it is associated with the need to balance the market on the eve of winter, said Russian Deputy Prime Minister Alexander Novak.

OPEC+ during a face-to-face meeting in Vienna on Wednesday decided to cut oil production immediately by 2 million barrels per day from November, taking the levels agreed for August as a reference point.

“Today there were two important decisions, I would say, historical ones. The first decision was to reduce quotas by 2 million barrels per day in total by all countries included in OPEC +. This is such an unprecedented decision, since we have not taken for a long time, the last time 2, 5 years ago,” Novak said in an interview with Russia 24 TV channel.

“This decision is primarily related to balancing the market, which is entering a zone of turbulence and uncertainty, especially in the autumn-winter period, when demand falls and supply needs to be adjusted,” Novak explained.