Russian Prime Minister Alexander Novak said on Monday that OPEC+ group of leading oil producers has not discussed yet hiking output by another 411,000 barrels per day ahead of its meeting, RIA news agency reported.

Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online ministerial meeting on May 28.

Novak said he expected them to discuss current market situation, forecasts and some “adjustments”, according to RIA.

There will also be a separate meeting of eight OPEC+ countries, which had pledged extra voluntary oil output cuts. They will convene on May 31, a day earlier than planned, three OPEC+ sources told Reuters earlier on Monday.

The meeting will likely decide on July output, which sources have previously told Reuters will be another 411,000 barrels per day of production increase.

Novak also said that the G7 and EU plans to lower price cap for the Russian oil to $50 per barrel from the current level of $60 were unacceptable and that the restrictions have failed to curb Russian oil exports.
Source: Reuters