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IPFS News Link • Oil

Oil Prices Hold Gains As OPEC+ Near Production Cut Extension Deal


Update: Russian Energy Minister Novak has stated that the extension of six to nine months is a consolidated agreement and other countries are in favour of such an extension.

Novak's comments, and Russia agreeing to extend the OPEC+ deal, have removed a uncertainty from the discussion surrounding the deals future; as until these comments it was not known precisely what Russia's position around an extension was and whether or not they would support one.

It is becoming increasingly clear that Russia is taking a larger and larger role in controlling OPEC (behind the scenes) as Bloomberg's Javier Blas notes: