Russia Does Not Expect New Steps at Upcoming "OPEC+" Meeting

The TASS news agency quoted Russian Deputy Prime Minister Alexander Novak today, Thursday, stating that "no new steps are expected from the 'OPEC+' bloc at its meeting on June 4." The Russian news agency also attributed to Novak the expectation that "Brent crude prices will exceed $80 per barrel by the end of the year," noting that "current prices ranging from $75-76 are a reflection of the market's assessment of the global macroeconomic situation." Saudi Arabia and other oil producers in "OPEC+" announced further production cuts of over one million barrels per day in April, following a decline in crude prices in March towards $70 per barrel, which was the lowest level in 15 months.