Russia’s Novak: WTI price chaos proved necessity of organized cuts
|Russian Energy Minister Novak was on the wires in the last minutes, via Reuters, noting that the WTI price chaos proved the necessity of organized cuts.
Oil market volatility to continue in May, he added.
Novak also said that Russian oil companies will cut output by 19% compared to February, adding that small oil firms will also reduce output under the OPEC+ deal.
‘We will fully comply with OPEC+ deal in May’, he concluded.
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