Oil Prices At The Mercy Of God? Russian Deputy Prime Minister Predicts OPEC+ Is Unlikely To Cut Output In June

Russian Deputy Prime Minister Alexander Novak said on Thursday (May 25) local time that he did not expect OPEC+ to adopt new measures at the Vienna meeting in June.

OPEC+, which consists of 23 countries, will meet in Vienna on the 3rd and 4th of next month to review crude oil production policy for the second half of this year.

"This will be the first face-to-face meeting in six months and we will, as usual, wait for the organization's assessment of the market situation," Novak said.

In early April, several OPEC members unexpectedly announced voluntary production cuts, with a total reduction of 1 million barrels per day. Novak also announced on the same day that Russia's previous reduction of 500,000 barrels per day would continue until the end of this year.

This series of measures once caused the international oil price to jump sharply at that time, but after that, the oil price still maintained a downward trend and has now erased all the gains. Some analysts believe that in order to support oil prices, OPEC+ is likely to further cut production in June.

"But I don't think there will be any new measures," he said. Because just a month ago, some countries had already made a decision to voluntarily reduce oil production. "