Novak: Russia Fulfills all “OPEC+” Obligations

Russian Deputy Prime Minister Alexander Novak said on Wednesday that his country is fulfilling all its obligations to reduce oil supplies within the framework of the OPEC+ alliance agreement.

Novak's statements came after a meeting of OPEC+ ministers that left the oil production policy unchanged. The meeting stressed the need for some countries to work to strengthen their commitment to production cuts, a decision that pushed global crude prices to their highest levels in 5 months at about $90 per barrel.

Novak said that the countries participating in OPEC+ have proven their high level of commitment to production cuts.

Russia announced last month that it would reduce its oil production and exports by an additional amount of 471,000 barrels per day in the second quarter of the year in coordination with some OPEC+ countries.

"Russia is fully fulfilling its obligations," Novak added in comments broadcast on television.

He also said that the methods aimed at achieving balance in the oil market are bearing fruit and that OPEC+ will take decisions to ensure the stability of the global oil market.

When asked about the tension in the Middle East and the rise in oil prices, Novak responded by saying, “We discussed the situation in the market in general and the factors that affect, through this method or other ways, the balance between supply and demand, including economic growth. Of course, this includes the influential factors that we see in the Middle East ... Tension has an impact on the market ... Oil prices increased to $89 per barrel today."

Crude prices increased their gains on Wednesday, as investors feared risks related to supplies due to Ukrainian attacks on Russian refineries and due to the possible escalation in the Middle East conflict.