Russia’s Novak: Closely studying recommendations of OPEC+ technical committee

Dhwani Mehta FXStreet

Russian Energy Minister Alexander Novak was on the wires in the last minutes, via Reuters, saying that Russia is closely studying recommendations of OPEC+ technical committee.

Additional Comments:

Paying close attention to coronavirus effects.

Situation remains unclear.

These comments come amid increased expectations that the OPEC and its allies (OPEC+) will extend oil supply cuts further, in order to combat the negative impact of the coronavirus on the oil demand growth outlook.

Earlier today, Kazakhstan Energy Minister said that they are considering further output cuts proposed by the OPEC+.

Meanwhile, oil prices consolidate the upside momentum, as the focus shifts to the API Crude stocks data due later today at 2130 GMT.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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