Deputy Prime Minister of the Russian Federation Alexander Novak stated that the June 4 gathering of OPEC+ will focus on selecting the course that best serves the oil market, continuing the line of decisions already set. This is according to TASS.
Novak said the primary aim of the session is to review the market’s current state in a collaborative way and to push for broader consensus on the steps needed to restore balance in supply and demand.
He stressed that the approach is methodical and that the June meeting is the organization’s key event this month. He also noted that provisions can be adjusted if circumstances require it. Moreover, the Russian side rejected Bloomberg’s claim that its summary quote suggested Russia opposed a decision at an upcoming meeting, saying the report was incomplete and inaccurate.
Novak added that Russia will begin talks with partners to determine what serves the market best while honoring all previous commitments.
In the lead-up to the in-person OPEC+ discussions on June 4, it is anticipated that there may not be any new measures announced at that time.
References: official statements and reporting indicate a continued emphasis on coordination among member countries to manage oil supply and stabilize prices, with a focus on maintaining alignment with established policy vectors and market equilibrium goals. This reflects the broader pattern of OPEC+ governance and the ongoing dialogue with international partners about market expectations and potential adjustments to production guidance.