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Key parameters of OPEC+ deal to be announced next week: Russia’s Novak
Russia will announce the new main parameters of a deal with its OPEC+ partners next week, Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday.
It was not immediately clear which parameters could be revealed. Novak’s office declined additional comment.
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At a televised government meeting, Putin asked Novak, his point man on oil, if he had agreed with OPEC+ partners to reduce the supply of oil.
Novak replied: “We have agreed, but we will announce the main parameters next week, publicly.”
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, began limiting supplies in late-2022 to bolster the market and in June extended supply curbs into 2024.
Russia has said separately that it would cut oil exports by 500,000 barrels per day, or around 5 percent of its output, in August and by 300,000 bpd in September.
Novak said on Wednesday that Russia may extend the cuts into October, though it was too early to say definitively.
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