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Russia Says OPEC+ Cuts May Go Further in Echo of Saudi Stance - Bloomberg

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Russia Says OPEC+ Cuts Could Go Further in Echo of Saudi Stance - Bloomberg

Russia Says OPEC+ Cuts May Go Further in Echo of Saudi Stance

- Group could take ‘additional steps’ if necessary, Novak says
- Saudi minister says cuts could continue beyond first quarter

OPEC+ could take further measures if last week’s production cuts agreement isn’t enough to balance the oil market, said Deputy Prime Minister Alexander Novak.

The deal to reduce OPEC+ output by 2.2 million barrels a day for three months from Jan. 1 should allow the market to “pass safely” through the period of seasonally lower demand usually seen in the first quarter, Novak said on Tuesday according to the Tass news agency.

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Russia Says OPEC+ Cuts May Go Further in Echo of Saudi Stance

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