Russia’s Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ group of leading oil producers had decided to extend output cuts in order not to destabilise the global energy market, amid weaker seasonal fuel demand.

Novak also said that the compliance with production quotas among the OPEC+ countries is high, while the global oil market is stable due to, among other things, the OPEC+ actions, adding that OPEC+ expected global oil demand to rise by 1 million barrels per day in 2025.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, earlier pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts until the end of 2026 due to weak demand and booming output outside the group.
Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Alexander Smith)