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Reuters
Russian official: The “OPEC +” mechanism will not be indefinite
Russian Deputy Prime Minister Alexander Novak said that the mechanism for regulating the global oil market through “OPEC +” will not work indefinitely if this market is balanced.
The former Russian energy minister made the statement during a dialogue session that took place today, Monday, at the “Russia and the World” event, and said: “With regard to coordination between countries (OPEC +), this is a voluntary process, and today this mechanism continues for the fourth year, of course in my opinion it is not without end if it is This market is balanced. “
Novak indicated that his country hopes that the United States will not interfere in the “OPEC +” policy to achieve stability in the oil market, and said: “Russia hopes that with the arrival of President-elect Joe Biden to power, the stance of the American administration regarding the actions of (OPEC +) in The oil market will change. “
He added, “We see that the new US administration is making statements that directly contradict the policies that have been followed over the past four years.”
During the past years, the administration of the current US President Donald Trump has criticized the “OPEC +” policy in the oil market, and Trump has repeatedly attacked OPEC, accusing it of artificially raising oil prices and calling for an increase in production.
Source: TASS
