Russia: "OPEC+" Sees No Need for Additional Oil Production Cuts

Russian Deputy Prime Minister Alexander Novak indicated on Thursday that the "OPEC+ alliance does not see a need for additional cuts in oil production despite Chinese demand being lower than expected," adding that "the group is always capable of adjusting its policy." He reported that "Russia has reached its targeted oil production level this month after announcing a production reduction of 500,000 barrels per day, or five percent of its output, until the end of the year." Novak predicted "a decrease in Russia's oil and gas condensate production to about 515 million tons this year, down from 535 million tons in 2022 (equivalent to ten million barrels per day)."