On Monday, Russia's Deputy Prime Minister Alexander Novak stated that the OPEC+ alliance is facing problems related to the levels of crude oil production. Novak noted that there is an unclear perspective regarding the development of the oil market.
"The main problems are related to the fact that there is currently no clarity regarding how much crude we will be able to support in the future to satisfy demand and remain competitive in the market," Novak emphasized.
OPEC+ curtailed oil production at the beginning of the pandemic to stabilize the market, and then gradually increased it; however, there is now a question of further steps.
