Russia to decide cuts in 1 month

"We will do an analysis in a month and define our position," said the Russian Energy Minister Alexander Novak, in an interview with Bloomberg on Monday. Tuesday (20). In a meeting with OPEC+ ministers, Novak had already warned that the recovery in global demand for oil has slowed recently in amid the new waves of the coronavirus pandemic, which increases the market uncertainty.

The group, which has made deep cuts in oil production since april, plans to gradually reduce restrictions according to the recovery demand, adding 1.9 million barrels per day back to the market in January. However, the new advance of coronavirus presses to change plans. "We have be able to take action to prevent trends and events to eliminate them at the root," warned Saudi Arabia's Energy Minister Saudi Arabia, Prince Abdulaziz bin Salman.

Less than a week ago, Novak went on to say that the group intends to maintain the plan to increase production from January. According to Reuters, Russia may support postponing the planned reduction of production cuts if the market situation worsens.

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