<p>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.</p>.<p>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.</p>.Explained | Why does OPEC+ often clash over oil production capacity?.<p>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.</p>
<p>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.</p>.<p>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.</p>.Explained | Why does OPEC+ often clash over oil production capacity?.<p>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.</p>