Russia’s Novak says oil prices slid due to misinterpretation of OPEC+ agreementNovak expects oil prices to be around $80-85 per barrel by the end of the year. Brent crude is currently trading at $78.82.
Last Updated IST
Russia's Deputy Prime Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum in Saint Petersburg, Russia June 6, 2024.
Credit: Reuters Photo
St. Petersburg: A decline in oil prices after last weekend's OPEC+ meeting was caused by "speculative factors" and misinterpretations of the agreement that was reached, Russian Deputy Prime Minister Alexander Novak said on Thursday.
Novak expects oil prices to be around $80-85 per barrel by the end of the year. Brent crude is currently trading at $78.82.
Novak also said that Russia's compliance with the OPEC+ oil output agreement was almost 100 per cent in May. He said Russia will cut its output to 9 million barrels per day by the end of June.