Novak: Oil Prices Declined Due to Misinterpretation of OPEC+ Agreement

Russian Deputy Prime Minister Alexander Novak stated today, Thursday, that "the drop in oil prices after the meeting held by the OPEC+ group earlier this week was due to 'speculative factors' and misinterpretations of the agreement reached." Novak expects oil prices to range between $80 and $85 per barrel by the end of the year. Currently, Brent crude is priced at $78.82. He also mentioned that Russia's commitment to the oil production agreement under OPEC+ was nearly 100 percent in May. Additionally, he stated that Russia will reduce its production to nine million barrels per day by the end of June.