Novak: OPEC+ Alliance Ready to Take Action

Russian Deputy Prime Minister Alexander Novak indicated today, Friday, that the "OPEC+ alliance, which includes major oil producers, will be ready to make a decision if the market situation requires it." He continued to journalists that "the situation in the oil market necessitates joint decisions that are mutually agreed upon." However, the decision has not succeeded in stabilizing oil prices. The benchmark Brent crude is trending towards a decline of 4.4% in futures contracts over the week, while West Texas Intermediate crude is also set to decrease by 4.7% in futures contracts during the week, marking the largest losses in five weeks. Novak's comments followed doubts in the oil markets regarding the extent of commitment to fully implementing voluntary cuts. Saudi Arabia and Russia, the world's two largest oil exporters, called on all OPEC+ members yesterday, Thursday, to join an agreement to cut production in favor of the global economy, just days after a heated meeting among the alliance's members.