Novak noted the important role of the OPEC+ agreement in stabilizing the global oil market.

The agreement of the member countries of the Organization of Petroleum Exporting Countries (OPEC+) plays an important role in stabilizing the global oil market. On June 4, Russian Deputy Prime Minister Alexander Novak told Izvestia on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2026).

"We aim to continue participating in this together with other countries and consider it an effective tool," he replied to a question from Izvestia correspondent Anton Zolotnitsky.

Novak clarified that the agreement in question is also important for reducing volatility in the fuel market.

The contract is more expensive: OPEC+ decided to increase production despite the blockade of Hormuz

How will this decision affect the oil price and why will it be problematic to implement it?

On May 3, the OPEC+ website reported that Russia, Saudi Arabia, Iraq, Algeria, Kazakhstan, Kuwait and Oman had agreed to increase their oil production targets. It was noted that the initiators reached a consensus to increase this figure by 188 thousand barrels per day in June.

Such a step, according to Alexander Frolov, Deputy Director General of the Institute of National Energy, will still not contribute to filling the world market with oil, since some of it still remains blocked in the Strait of Hormuz. At the same time, the expert added, the OPEC+ alliance will remain and continue to coordinate actions, since joint market regulation would be a more rational scenario.