Russia’s Novak: Do not see hasty OPEC+ decisions this month

Citing Russian Energy Minister Alexander Novak, the country’s media agencies reported on Thursday, he doesn’t expect any hasty decisions on output cuts when the OPEC and its allies (OPEC+) meet next week.

Further comments

“I think no-one is putting forward any hasty moves, additional proposals.”

“We are on track, in line with the plan, in line with the approved agreement.”

“The market is more or less stable and we are seeing gradual balancing of the market.”

“There have been no additional proposals to change the deal between OPEC and other leading oil producers on production cuts.”

WTI unmotivated below $43

Amid downbeat IEA oil demand forecasts and Novak’s comments, WTI trades modestly flat around $42.75, consolidating near daily highs.