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Novak spoke about Saudi Arabia’s “New Year’s gift” for the oil market

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Russian Deputy Prime Minister Alexander Novak said that an additional reduction in oil production by Saudi Arabia within the framework of the OPEC + deal was a “New Year’s gift”. RIA Novosti reports.

According to Novak, the decision made by Saudi Arabia will accelerate the reduction of surplus stocks in the market. He noted that this country is making a very large contribution to the restoration of the normal level of stocks.

On January 5, Saudi Arabia’s Energy Minister Abdulaziz bin Salman announced that the country would voluntarily cut its oil production in February and March by about a million barrels per day to 8.125 million.

Earlier it was reported that representatives of Russia and Saudi Arabia managed to reach a compromise on oil production. The Wall Street Journal’s interlocutors familiar with the negotiation process said that Moscow and Riyadh decided to maintain the current production level in February, and plan to increase production in the spring.

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