OPEC+ capable of responding to any situation on crude markets, says energy chief

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VIENNA, December 7. /TASS/. OPEC+ countries are capable of responding to any situation on the oil market and influence on them either by growth or by contraction of production, Russian Energy Minister Alexander Novak told reporters on Friday.

“Our cooperation during the last two years showed its efficiency and positive results. We were able to overcome the 2015 crisis and showed that we can not merely reduce but also increase production in case of need. This tool is working to either side,” Novak said.

OPEC and non-OPEC ministers negotiated the oil price cut within the framework of the OPEC+ oil production capping deal by 1.2 mln barrels per day earlier on Friday. The counties members of OPEC will provide for reduction of 800,000 barrels daily and the non-OPEC participants will account for the remaining 400,000 barrels a day.

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