OPEC+ has not discussed possibility of raising oil output by 411,000 bpd in July - Novak

MINERALNYE VODY. May 27 (Interfax) - The eight OPEC+ countries that have been voluntarily curbing oil production by 2.2 million barrels per day since 2023 have not yet discussed the possibility of an accelerated increase in output in July, Russian Deputy Prime Minister Alexander Novak said on the sidelines of the Caucasus Investment Forum.

"No, we haven't discussed anything," he said when asked if the eight OPEC+ countries have actually begun discussing raising production by 411,000 bpd. "I don't know anything about this," Novak said.

The countries are supposed to discuss the level of production in July in an online meeting on May 31, and a full-fledged meeting of all OPEC+ ministers will be held on May 28.

Novak said the quotas of all member countries will not be discussed at the meeting. "We're not revising quotas for all participants, after all. We're talking only about the voluntary reductions that eight countries took on themselves in 2023. We've only revised them recently, meaning these are not quotas for all of OPEC+," he said.