Russian Official: No Need for Urgent Measures from OPEC+

Russian news agency reported on Tuesday that Deputy Prime Minister Alexander Novak stated, "There is no need for immediate action from the OPEC+ alliance, as oil prices are rising and the market is reaching a balance." In response to a question about the possibility of discussions in OPEC+ to take additional measures to stabilize the oil market, Novak said, "Prices are currently rising somewhat, and the situation is somewhat balanced. We will monitor it, and it would be wrong to say that decisions need to be made." The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, agreed in late November to a voluntary cut of about 2.2 million barrels per day to last through the first quarter.