Novak spoke about the effective operation of the OPEC+ mechanism in times of crisis
The OPEC+ mechanism works effectively and has proven its effectiveness, including in times of crisis. This was announced on April 30 by Russian Deputy Prime Minister Alexander Novak.
"I believe that in general, the OPEC+ mechanism is working effectively and has shown its positive results over the past 10 years," he said.
Novak also called the withdrawal of the United Arab Emirates from OPEC and OPEC+ a sovereign decision of the country. Answering a question about the stabilization of the global oil market, he noted that even after the end of the crisis in the Middle East, energy markets will remain unstable.
According to the Deputy Prime Minister, it will take several months to balance the market, as it is necessary to restore stocks, and demand will be quite high.
On the same day, Novak added that Russia and Saudi Arabia had not yet discussed the UAE's decision to withdraw from the OPEC+ agreement. According to the Deputy Prime Minister, Russia does not intend to withdraw from OPEC+, as the format of this cooperation makes it possible to effectively offset the risks to global oil markets during periods of crisis.
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